Why is Ethereum (ETH) price down today?

Ether (ETH) experienced a steep 9.5% correction in the early hours of Dec. 11. However, buyers quickly stepped in to defend the $2,220 support. Traders are now beginning to question whether the Ethereum network has what it takes to reinstate the bullish momentum to Ether price.

ETH capitalization in USD (blue) vs. altcoins ex-stablecoins (orange). Source: TradingView

It is worth noticing that the correction aligned with the broader cryptocurrency market, as Ether’s current 6.7% decline in the last 24 hours closely matches Bitcoin’s (BTC) 5.4% and XRP’s (XRP) 6.6% negative performances.

Are futures markets the sole reason for the ETH price correction?

Naturally, excessive leverage is…

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