Ethereum fell to $3,830 on Thursday, dropping nearly 9% in 24 hours as Bitcoin dived to near $108,000.
Crypto analyst IncomeSharks highlighted Ethereum price weakness amid the OBV indicator breakdown.
XRP, Solana and BNB also dropped to or below key levels as cryptocurrencies plummeted.
Ethereum (ETH) price has experienced significant volatility in the past week, with its value extending its decline in the past 24 hours as bears pushed the token to lows of $3,830.
Having traded above $4,760 earlier this month, the near 9% dip in the past 24 hours and 16% dive in the past week have ETH hovering at a key level.
Broader weakness that also has Bitcoin near $108,000 and top altcoins struggling could align with a technical breakdown to see Ethereum’s price plunge to lows of $3,500 in the short term.
Ethereum price dives nearly 9% as key indicator signals breakdown
The latest dump for cryptocurrencies has Ethereum’s price hovering below $3,850 as of writing.
While bulls could reclaim the area above $3,860 and eye $4,000, analysts are pointing to a critical breakdown in the On-Balance Volume indicator as a potential signal for further losses.
As crypto analyst IncomeSharks highlighted on X, the ETH price is down amid a breakdown of the OBV momentum.
The indicator, which measures cumulative volume flow, showed a clear divergence from price action, and IncomeSharks says that while it retains the horizontal support, it is signalling weakness as buying pressure wanes.
Per the analyst, the loss of momentum suggests a bearish outlook.
$ETH – Can’t spin this as being bullish, a pretty clear OBV breakdown. Still haven’t lost horizontal support but it seems to have lost momentum. pic.twitter.com/D1ONHhvCZx
— IncomeSharks (@IncomeSharks) September 25, 2025
On the weekly chart, Ethereum price has touched a key level below which sellers could target support around $3,500.
Both the weekly relative strength index (RSI) and on-balance volume (OBV) are downsloping.
The RSI remains above 55, suggesting room for bulls to navigate the downside pressure.
Notably, the daily RSI puts Ethereum in oversold territory, which might mean bear exhaustion.
Top altcoins fall to critical support levels
The downturn in Ethereum’s price is not an isolated event, as several top altcoins have also breached critical support levels.
As noted, this comes amid a broader market correction that aligns with the wobbly action seen on Wall Street over the past two days.
With BTC dropping to near $108,000 and Ethereum slipping to intraday lows near $3,800, top alts XRP, Solana (SOL), and Binance Coin (BNB) followed suit.
XRP was down 6% to $2.78 amid a downtrend line breakdown, while Solana, after a brief rally in recent days, has corrected to dip below $200.
A 7% drop in the past 24 hours saw SOL price hover near $197.
Meanwhile, BNB has encountered resistance after a notable surge that included multiple new all-time highs above the $1,000 mark.
But with profit taking widespread, BNB price held near $964, about 5% down in the past 24 hours.