In a recent market correction, Hyperliquid (HYPE) and SUI experienced the steepest declines among altcoins as Ethereum's price fell below $4,300. This downturn comes on the heels of Bitcoin's price drop from $118,000 to $115,000 and is attributed to higher-than-expected Producer Price Index (PPI) data, prompting traders to readjust rate-cut expectations ahead of the Jackson Hole Economic Symposium. As Ethereum broke below the critical support level of $4,300, it triggered liquidations exceeding $487 million across the market, severely impacting altcoin prices. HYPE plummeted by 8.7% to $43.38 and SUI fell 7.3% to $3.55. Analysts described this selloff as a necessary pullback in an ongoing upward trend but warned of potential further declines if Ethereum fails to maintain support near $4,150. With over 855,000 ETH poised for unstaking, market sentiment remains cautious, fearing additional selling pressure on Ethereum and associated altcoins.

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