- Ethereum price fell more than 7% as bears pushed it below $3,000 to as low as $2,940.
- With selling pressure rising, bears could target a drop to $2,300.
- BitMine continues buying ETH, and analysts say the dips present buying opportunities.
Ethereum’s price slipped 7% over the past 24 hours and appears poised for further losses as traders retreat amid renewed selling pressure.
This decline coincides with ETH falling below the psychological $3,000 level for the first time in months.
Notably, this sell-off forms part of broader market weakness, with Bitcoin extending its fall to lows near $89,500.
Macroeconomic jitters, continued outflows from exchange-traded funds, and signs of capitulation are fueling concerns that the path of least resistance remains downward for BTC, ETH, and the crypto market as a whole.
Ethereum price drops below $3,000
On Tuesday, ETH slipped past the $3,000 mark, trading as low as $2,940.
The downturn has extended the bearish trend that pushed Ethereum down more than 7% in 24 hours and roughly 16% from weekly highs above $3,200.
Despite sizeable accumulation by BitMine, downward momentum overwhelmed buying interest and left ETH at risk of further losses.
At the time of writing, Ethereum was trading around $2,979 as the top altcoin dropped sharply while Bitcoin fell below $90,000.
CoinMarketCap data shows BTC near $89,500 on major exchanges, with both coins pressured amid notable purchases made by Strategy.
BitMine disclosed that it bought an additional 54,156 ETH over the past seven days, raising the publicly listed company’s total holdings to roughly 3.56 million ETH.
Ethereum price outlook
Although aggressive purchases have not halted the decline, some long-term investors remain optimistic.
“Cryptocurrency prices have not recovered since the liquidation event on October 10. The persistent weakness shows signs of a market maker (or two) suffering from a weakened balance sheet,” said Thomas “Tom” Lee of Fundstrat, BitMine’s chairman.
Lee added:
“When a market maker has a ‘hole’ in its balance sheet, it seeks to raise capital and winds down its liquidity functions in the market. This is the equivalent of QT (quantitative tightening) for crypto and tends to push prices lower. In 2022, that QT-like effect lasted 6–8 weeks. We may be seeing a similar dynamic today.”
Selling pressure has increased alongside ongoing outflows from spot Ethereum ETFs in the U.S.
Technical indicators also paint a clearly bearish picture, with the daily RSI declining and the MACD histogram in negative territory.
Meanwhile, liquidations exceeding $175 million occurred in the past 24 hours.
Coinglass data shows that over $136 million of those liquidations were long positions.
A decisive break below $3,000 could open the way for a retest of multi-month lows.
ETH might find support around the $2,800 area, but ongoing weakness would allow bears to target the $2,300–$2,228 zone.
On the upside, Ethereum bulls face a tough near-term battle, with major resistance near $3,300.