Ethereum, XRP and Solana nosedived under key support levels on the daily price chart. The drop in crypto prices is likely the result of profit-taking by retail traders or large wallet investors and capital rotation or positioning before the expected coming altcoin season.

Most large cryptocurrencies were down during U.S. morning trading on Tuesday, with Ethereum Ethereum USD seeing the biggest change, shedding 2.95% to $3,648.91. Six additional currencies posted decreases Tuesday.

An Ethereum treasury firm has agreed to go public in a blank-check company merger backed by more than $1.5 billion of crypto and stock financing, joining the rush of digital assets heading to public markets.