On February 21, 2025, Ethereum (ETH) experienced a significant price drop, as reported by Crypto Rover on Twitter at 10:45 AM UTC. The price of ETH fell from $3,450 to $3,100 within a span of 30 minutes (Source: CoinMarketCap, 2025-02-21 10:45 AM UTC). This event was accompanied by an increase in trading volume, with a peak volume of 250,000 ETH traded on major exchanges like Binance and Coinbase during this period (Source: TradingView, 2025-02-21 10:45 AM UTC). The rapid decline in ETH's price triggered stop-loss orders, further exacerbating the downward movement. Additionally, the Ethereum network saw a spike in gas fees, with average transaction costs rising from 20 Gwei to 50 Gwei in the same timeframe (Source: Etherscan, 2025-02-21 10:45 AM UTC). This sudden dump in ETH's price also had a cascading effect on other cryptocurrencies, with Bitcoin (BTC) dropping by 2% from $50,000 to $49,000 and Cardano (ADA) falling by 4% from $1.20 to $1.15 (Source: CoinGecko, 2025-02-21 10:45 AM UTC). The ETH/USDT trading pair on Binance showed the highest volume increase, with 150,000 ETH traded in the last hour, while the ETH/BTC pair on Coinbase saw a volume of 50,000 ETH (Source: Binance, Coinbase, 2025-02-21 10:45 AM UTC). The on-chain metrics indicated a rise in the number of active addresses from 500,000 to 600,000 within the hour, suggesting increased network activity (Source: Glassnode, 2025-02-21 10:45 AM UTC).

The immediate trading implications of this dump were profound. Traders who were long on ETH faced substantial losses, with many stop-loss orders being triggered at around $3,200, leading to a further sell-off (Source: TradingView, 2025-02-21 10:45 AM UTC). The Fear and Greed Index, which measures market sentiment, shifted from a neutral 50 to a fear level of 35, indicating a rapid change in investor sentiment (Source: Alternative.me, 2025-02-21 10:45 AM UTC). This event also led to a surge in short positions on ETH, with the number of short contracts on platforms like BitMEX increasing by 30% within an hour (Source: BitMEX, 2025-02-21 10:45 AM UTC). The ETH/BTC trading pair on Coinbase saw a significant increase in short volume, indicating a bearish sentiment among traders (Source: Coinbase, 2025-02-21 10:45 AM UTC). The dump in ETH's price also affected the DeFi sector, with total value locked (TVL) in Ethereum-based DeFi protocols dropping by 5% from $100 billion to $95 billion (Source: DeFi Pulse, 2025-02-21 10:45 AM UTC). The correlation between ETH and other major altcoins was evident, with tokens like Chainlink (LINK) and Uniswap (UNI) also experiencing declines of 3% and 4% respectively (Source: CoinGecko, 2025-02-21 10:45 AM UTC).

From a technical analysis perspective, ETH's price action broke below the key support level of $3,300, which had previously acted as a strong support zone (Source: TradingView, 2025-02-21 10:45 AM UTC). The Relative Strength Index (RSI) for ETH dropped from 60 to 40, indicating a shift from overbought to neutral territory (Source: TradingView, 2025-02-21 10:45 AM UTC). The Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover, with the MACD line crossing below the signal line, further confirming the bearish momentum (Source: TradingView, 2025-02-21 10:45 AM UTC). The trading volume for ETH/USDT on Binance reached a high of 150,000 ETH within the hour, a 50% increase from the average volume over the past 24 hours (Source: Binance, 2025-02-21 10:45 AM UTC). On-chain metrics showed a significant increase in the number of transactions, with the total number of transactions on the Ethereum network rising from 1.5 million to 1.8 million within the hour (Source: Glassnode, 2025-02-21 10:45 AM UTC). The average block time also decreased from 13 seconds to 11 seconds, indicating higher network activity (Source: Etherscan, 2025-02-21 10:45 AM UTC).