Ethereum (ETH) price has testedthe psychological $3,000 level, deepening medium-term lows and falling to thelowest levels in over 4 months. And although the ETH price is rising today (Monday),November 17, 2025, rebounding over 3.46% to trade at $3,199.35, my Ethereum forecastsremain bearish. Thecryptocurrency faces a potentially catastrophic 60% decline scenario as extremefear grips the market and technical signals flash warning signs of deepercorrection ahead. Let’s check together why Ethereum is falling with othercrypto and what the ETH/USDT technical chart hides.Follow me on X for more up-to-date analysisand forecasts on major cryptocurrencies and other financial instruments.Why Crypto Is Going Down? ExtremeFear Dominates as Bitcoin Crashes Below $94,000Bitcoin (BTC) briefly fell below$94,000 for the first time since May 6 on Sunday, triggering a cascade acrossthe entire cryptocurrency market, including Ethereum. Analysts pointed tointensifying fear among traders and flagged possible downside risks assentiment stayed locked in extreme fear territory. As I wrote in my previousBitcoin price analysis, theoldest cryptocurrency may fall another 30% from the current levels.The CryptoFear & Greed Index stood at 10, firmly in its extreme fear band,after already sitting at the same level on Saturday.Thisrepresents one of the most severe sentiment readings in 2025, reflectingwidespread panic as the crypto market experienced a $19 billion liquidationevent. "Volatilityhas not been limited to equity markets – economic uncertainty and the recenttech sector sell-offs have had a direct and immediate impact on the price ofBitcoin,” Hina Sattar Joshi, Director at TP ICAP Digital Assets, explained. “Afterthe summer's exuberance, this month, the cryptocurrency experienced a $19billion liquidation and continued the most sustained declines in price sinceDonald Trump's inauguration."Ethereumhas underperformed Bitcoin during this selloff, declining from its August yearhigh of $4,955.90 to current levels around $3,199.35, a decline approaching 40%from peak levels. This underperformance signals particular weakness in thealtcoin leader as institutional and retail participants alike reduce exposureto digital assets amid deteriorating market conditions.Why Ethereum Is FallingToday? Death Cross Formation ImminentAccordingto my technical analysis, from this year's highs, ETH has corrected so stronglythat, from a standard market perspective, it would mean entering a downtrendwith double force. Moreover, since the beginning of the month we've been movingbelow the 200 EMA, which for me is a binary separation between bull trend andbear trend.We'll soonsee a death cross formation on the chart as the 50 EMA israpidly approaching the crossover of the 200 EMA, which will be a strong sellsignal for me. Ethereum's 50-day moving average currently sits at $3,892.98while the 200-day moving average is at $3,467.40, a narrowing gap that suggeststhe crossover could occur within days. The last time such a crossover occurredwas at the beginning of the year in February, when ETH subsequently fell 50% tothe April lows."Thistime, the signal comes at a moment when liquidity is only starting tostabilize, December rate-cut odds have fallen from near-certainty to ~50%, andmarket risks remain unresolved, including Tom Lee's warnings about two majormarket makers facing financial deficits,” said Lacie Zhang, Research Analyst atBitget Wallet. “With institutional flows gradually returning, traders shouldapproach this cross with caution: it can reinforce a risk-off structure,favoring defensive positioning, hedging through derivatives, or disciplinedspot accumulation."How Low Can Ethereum Go? -60%Ethereum Price PredictionHow lowcould Ethereum fall? According to my ETH price forecasts, if currentpsychological support doesn't hold, then price will head toward the supportzone determined by local highs from May and June this year around $2,700-$2,750,additionally strengthened by the 61.8% Fibonacci retracement.The nexttarget is $2,150, the June lows coinciding with the intradayminimum on February 3 and the lows from August 2024. This level represents a33% decline from current $3,199 prices and would mark a significantpsychological breakdown for Ethereum holders who accumulated during the summerrally.Theultimate level of decline for me is the zone between $1,500 (September2023 lows) and $1,370 (April 2025 minimums). If Ethereum wereheading in that direction, it could lose almost 60% from current levels. Thiscatastrophic scenario would take ETH back to year-low territory at $1,383.26,essentially erasing all gains achieved since the spring bottom.Institutional Outflows andMacro Headwinds Are Not HelpingLinh Tran,Market Analyst at XS.com, emphasized that the selling pressure extends beyondretail panic: "Bitcoin fell below the USD 93,000 mark this weekend, whichis the lowest level in nearly six months. This decline marks one of thestrongest corrections since the beginning of the year. It also reflects a shiftin overall market sentiment from the risk-on optimism at the beginning of Q4 toa more cautious and defensive risk-off tone."Trancontinued: "From the peak near USD 125,000 in early October, Bitcoin haslost nearly 25% of its value, showing that the current selling pressuredoes not come only from retail investors but also from institutional flows,which are highly sensitive to macroeconomic signals."The $19billion Bitcoin liquidation event described by Hina Joshi represents forcedselling that cascaded across all digital assets. When Bitcoin experiences suchmassive liquidations, altcoins like Ethereum typically suffer amplified lossesas leveraged positions unwind and traders flee to cash or stablecoins forsafety.What Would Invalidate EthereumBearish Scenario?What wouldneed to happen for me to start looking at the ETH/USD chart bullishly again?First of all, we would need to return above the grid of 50 and 200 EMAs,simultaneously at the 38.2% Fibonacci retracement. In my opinion, this wouldopen the way to looking again at a test of this year's historical highs, andearlier a return to the round level of $4,000.Technically,Ethereum would need to reclaim the $3,600-$3,900 zone decisively, ideally onstrong volume, to negate the death cross signal before it fully forms. Thiswould require approximately 12-22% gains from current $3,199 levels—asignificant move that would necessitate major positive catalysts.Potentialcatalysts for reversal include:Aggressive Fed easing: If December rate cut materializes and guidance signals continued easing into 2026Ethereum network upgrades: The upcoming Fusaka upgrade delivering performance improvementsInstitutional ETF inflows: Resumption of flows into Ethereum ETFs after recent outflowsBitcoin stabilization: BTC holding above $90,000 and reclaiming $100,000 psychological levelLiquidity injection: Resolution of market maker concerns and return of risk appetiteEthereum Price Analysis,FAQWhy is Ethereum goingdown?Ethereum isdeclining due to multiple converging factors: the imminent death crossformation (50 EMA approaching crossover below 200 EMA), Crypto Fear & GreedIndex at 10 (Extreme Fear), and the $19 billion Bitcoin liquidation eventtriggering cascade selling across altcoins.Why is crypto going down?Thecryptocurrency market is experiencing one of its strongest corrections sincethe beginning of 2025, driven by a $19 billion Bitcoin liquidation event,extreme fear sentiment (Fear & Greed Index at 10), and a shift from Q4risk-on optimism to defensive positioning.How low can Ethereum go?Accordingto my ETH price forecasts, Ethereum faces a potential 60% decline from currentlevels around $3,199 to the ultimate downside zone between $1,370-$1,500matching April 2025 and September 2023 lows. How much will Ethereum beworth in 2025?If theimminent death cross confirms (50 EMA crossing below 200 EMA) and $3,000support fails, my forecast shows Ethereum could decline through multiplelevels: first to $2,700-$2,750 (May/June local highs strengthened by 61.8%Fibonacci retracement), then $2,150 (June lows coinciding with Februaryintraday minimum), and ultimately to $1,370-$1,500 matching April 2025 lows andSeptember 2023 levels. This article was written by Damian Chmiel at www.financemagnates.com.