- Ethereum price fell more than 7% as bears pushed below $3,000, hitting $2,940.
- With selling pressure rising, bears could target lows near $2,300.
- BitMine continues accumulating ETH, and analysts say declines are being used as buying opportunities.
Ethereum’s price dropped roughly 7% over the past 24 hours and looks set for further losses as bulls retreat under renewed selling pressure.
This decline coincides with ETH slipping below the psychological $3,000 level for the first time in months.
Importantly, the breakdown occurs amid broader market weakness while Bitcoin prolongs its slide, touching lows near $89,500.
Macroeconomic headwinds, persistent outflows from exchange-traded funds, and signs of waning liquidity raise concerns that the path of least resistance remains to the downside for BTC, ETH and the wider crypto market.
Ethereum price falls below $3,000
On Tuesday, ETH traded below the $3,000 threshold and reached intraday lows near $2,940.
The move extends the bearish trend: Ethereum has lost over 7% in the last 24 hours and about 16% from weekly highs above $3,200.
Despite notable accumulation by BitMine, downside momentum overwhelmed buying interest and ETH now risks further declines.
At the time of writing, Ethereum was trading around $2,979 as the major altcoin slid sharply and Bitcoin dropped below $90,000.
CoinMarketCap shows BTC briefly falling to approximately $89,500 on major exchanges, with losses in both coins occurring despite sizable purchases by Strategy.
BitMine disclosed that it added another 54,156 ETH over the past seven days, bringing the publicly reported holdings to about 3.56 million ETH.
Ethereum price outlook
Although aggressive buying has not halted the pullback, bulls remain optimistic over the longer term.
“Cryptocurrency prices have not recovered since the October 10 liquidations. The ongoing weakness has the hallmarks of a market maker (or two) suffering from a strained balance sheet,” said Thomas “Tom” Lee of Fundstrat, chairman of BitMine.
Lee added:
“When a market maker has a ‘hole’ in its balance sheet, it seeks capital and reduces its liquidity provision. That is the equivalent of quantitative tightening for crypto and leads to lower prices. In 2022 the QT effect lasted 6–8 weeks. That may be what’s happening now.”
Selling pressure has intensified amid continued outflows from U.S. spot Ethereum ETFs.
Technical indicators also paint a bearish picture: the daily RSI is declining and the MACD histogram sits in negative territory.
Over the past 24 hours, liquidations of ETH positions exceeded $175 million.
Coinglass data show that more than $136 million of those liquidations were long positions.
Breaking below $3,000 could open the door to retesting new multi-month lows.
ETH might find support around the $2,800 zone, but continued weakness would allow bears to target the $2,300–$2,228 range.
Conversely, bulls face a difficult fight ahead, with significant resistance near $3,300 in the near term.