Market Overview - Leading cryptocurrencies experienced a decline alongside stocks, influenced by stronger jobs data that raised doubts about a potential Federal Reserve rate cut in December [1][6] - The global cryptocurrency market capitalization fell below $3 trillion, marking a 4.25% decline in the last 24 hours [5] Cryptocurrency Performance - Bitcoin (BTC) dropped by 5.55% to $87,077.36, trading 30% below its all-time highs set six weeks ago [2][3] - Ethereum (ETH) fell by 5.31% to $2,868.39, erasing all gains made since mid-July [2][3] - XRP, Solana, and Dogecoin also saw declines of 5.08%, 3.37%, and 3.37% respectively [2] Liquidation and Market Sentiment - Cryptocurrency liquidations surged to $821 million in the last 24 hours, with nearly $700 million in long positions liquidated [4] - Bitcoin's open interest decreased by 2.55%, and over $28 billion in derivatives have been wiped out since its all-time high on October 7 [4] - The Crypto Fear & Greed Index indicated an "Extreme Fear" sentiment prevailing in the market [4] Stock Market Reaction - The stock market saw a downturn, with the Dow Jones Industrial Average falling by 386.51 points (0.84%), the S&P 500 down 1.56%, and the Nasdaq Composite dropping 2.16% [6] - Non-farm payrolls increased by 119,000 in September, which revived growth optimism but also cast doubt on the likelihood of a December rate cut [7] Technical Analysis for Ethereum - The $2,800 price level is considered significant for Ethereum, aligning with realized price clusters of retail and whale investors [9][10] - Historical data suggests that realized price levels often mark cycle bottoms, indicating potential support for a short-term rebound [10]