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HomeCrypto NewsAnalysisEthereum Price Under Pressure: Will the $3,000 Level Hold?

Ethereum Price Under Pressure: Will the $3,000 Level Hold?

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Amid the ongoing crypto market downturn, Ethereum is at risk of dropping to $3,000. Will sellers push the price lower and break the previous low at $2,913?

With liquidations across the crypto market reaching $850 million—$789 million of which are from long positions—altcoins are facing significant selling pressure. Ethereum has dropped 6.80% over the past 24 hours.

Having fallen below the $3,200 level, Ethereum is now under increased pressure at the psychological support level of $3,000. Will the current bearish market conditions push Ethereum to lower levels in 2025? Let’s take a closer look.

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Ethereum Price Analysis

In the 4-hour chart, the Ethereum price trend reveals a massive pullback after failing to cross above the local resistance trendline. After a minor consolidation near the $3,300 level, the broader market pullback crashes Ethereum.

Ethereum Price Chart
Ethereum Price Chart

With three intense bearish candles, Ethereum is down to $3,050, recording an intraday drop of 8%. Furthermore, the surge in selling pressure has broken under the previous swing low at $3,140.

Ethereum Derivatives Warns Massive Crash

As the broader market sentiment worsens, bearish speculation is growing. Ethereum’s derivatives data shows a 1.29% drop in open interest, now standing at $31.23 billion.

The long-to-short ratio has fallen to 0.8727, and the funding rate is down to 0.0048%. These signs suggest a decline in bullish positions and a lack of interest from traders to pay premiums on long positions.

ETH Price Targets

With a strong bearish setup indicated by both price action and derivative data, key Fibonacci levels show crucial support at $3,023. A strong close below this level on the 4-hour chart would likely test previous lows at $2,913.

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On the other hand, while the chances of a bullish reversal appear slim, if Ethereum manages to reverse from $3,023, a significant bullish divergence in the RSI could signal a rebound. This may lead to a retest of the local resistance trendline near $3,300.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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