Why Is Crypto Going Down? Bitcoin, Ethereum, XRP & Dogecoin Prices Are Falling Today

Ethereum Price UnderPressure: Testing Key Support Levels

Ethereum (ETH) price suffered even more severe losses, declining 3.41% to trade at$2,553.101. The second-largest cryptocurrency faced rejection at majorresistance levels, with technical indicators suggesting potential furtherdownside in the near term.

Ethereum'sdecline comes despite recent bullish crossovers between major exponentialmoving averages and significant whale accumulation of 190,000 ETH. The cryptocurrency reached anintraday high of $2,750 before succumbing to selling pressure that pushed itdown to current levels.

How low canEthereum go remains a critical question for traders. Technical analysissuggests that if Ethereum fails to hold current support levels around $2,550,the next major support zone lies at $2,400. However, some analystsmaintain optimistic crypto price predictions for Ethereum, withtargets of $3,000 still viable if market conditions improve.

XRP Price FacesInstitutional Headwinds

XRP price experienceda notable 4.67% decline, falling to $2.16 as the cryptocurrency faced multiplechallenges. Despite positive news regarding VivoPower's $121 million XRPtreasury reserve and Webus International's plans for a $300 million XRPstrategic reserve, the token couldn't escape the broader market selloff.

The declinefrom $2.305 to $2.163 occurred during high-volume trading, with midnight volumesurging to 174.7 million units—nearly quadruple the average 24-hour tradingvolume. Technical analysis warns that if XRP fails to maintain support at$2.31, it could face an additional 16% decline toward $1.96.

XRP'sperformance reflects broader concerns about regulatory clarity and marketsentiment, even as institutional adoption continues to grow. Thecryptocurrency's correlation with broader market movements has becomeincreasingly apparent during this selloff period.

Dogecoin Price SuffersMassive Decline

Dogecoin (DOGE) price bore the brunt of today's market correction, plummeting 9.89% totrade at $0.19761. The popular meme cryptocurrency experienced its mostsevere decline among major assets, falling from $0.226 to $0.202 during amidnight crash that caught many traders off guard.

Thedramatic selloff occurred with exceptional trading volume of 1.18 billion DOGE,indicating widespread panic selling among retail investors. Technical analysissuggests that Dogecoin is currently testing multiple support levels, with keyresistance established at $0.217.

Despite thesharp decline, some analysts point to potential double-bottom patternformation, which could signal a reversal if Dogecoin can gather sufficientmomentum to break past resistance levels. Open interest in DOGE derivativesclimbed 2.89% to $2.71 billion, suggesting traders are positioning for the nextsignificant move.

Why Is Crypto Down Today? KeyMarket Drivers

Severalinterconnected factors explain why is crypto down today, creating aperfect storm of selling pressure across digital assets.

• StalledUS-China Trade Talks emerged as the primary catalyst for today's decline.US Treasury Secretary Scott Bessent's confirmation that trade negotiations withChina have stalled dampened investor sentiment and triggered risk-off behavioracross global markets. This geopolitical uncertaintyhas historically impacted cryptocurrency prices due to their correlation withrisk assets.
• MassiveLiquidations amplified the selling pressure, with over $683.4 million incrypto futures liquidated within 24 hours. Long positions accounted for $617.85million of these liquidations, demonstrating the extent of overleveragedbullish positions in the market.
• TechnicalBreakdown occurred as the total crypto market cap broke below the critical$3.35 trillion support level. This technical failure triggered algorithmicselling and stop-loss orders, creating additional downward momentum.
• ETFOutflows contributed to Bitcoin's weakness, with spot Bitcoin ETFsrecording $385.65 million in net outflows on May 29, ending a 10-day streak ofinflows. This institutional sellingpressure added to the bearish sentiment.

Crypto Market Outlook andPrice Predictions

Lookingahead, crypto price predictions remain cautiously optimistic despitetoday's selloff. Historical patterns suggest that such corrections oftenprecede significant rallies, particularly when driven by external factorsrather than fundamental cryptocurrency issues.

• Bitcoinprice could find support around current levels, with analysts maintainingtargets between $220,000 and $330,000 for the longer term. However, immediate resistanceat $106,000 must be overcome before any sustained recovery can begin.
• Ethereumprice predictions remain bullish for the medium term, with expectations of arange between $2,700 and $2,900 in June 2025. The recent technicalimprovements and whale accumulation provide fundamental support for higherprices once market conditions stabilize.
• For XRP andDogecoin, recovery will largely depend on broader market sentiment and theresolution of current macroeconomic uncertainties. Both cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term haveshown resilience in previous market corrections and could benefit from anyimprovement in risk appetite.