Ethereum Faces Selloff Risk as South Korean Markets Plunge

The KOSPI benchmark suffered a severe intraday selloff, forcing the Korea Exchange to activate emergency trading controls after futures plummeted beyond the 5% threshold. Lee highlighted that South Korea’s high domestic participation in digital assets creates a direct channel for financial contagion. While he stopped short of projecting specific losses, he characterized the potential impact on Ethereum as short-term pain driven by brokerage margin liquidations.

Ethereum currently struggles to maintain the $2,500 support level, trading near $2,526. Technical indicators, including the Awesome Oscillator, reflect weakening momentum as the asset remains trapped below its late-September highs. Despite the bearish outlook, BitMine Immersion Technologies continues to consolidate its position, reporting total holdings of 6,028,946 ETH after adding 12,532 tokens last week. Management indicated, however, that the firm is nearing its 5% supply target and intends to slow its accumulation strategy.