The correct answer is - Sea levels fell during the most recent Ice Age.
Whenever there has been an Ice Age sea levels on a global scale drop. This is due to the fact that during an Ice Age there's vast spaces occupied with ice because the temperatures are very low. This ice is in big portion the water that was once in the seas, but now it is trapped by the ice sheets. The bigger the ice sheets the more water has been frozen, so the sea levels drop until there is a warming of the climate when the water will come back to liquid state and lift the sea levels up.