Key Points
- ETH is down 1.7% in the last 24 hours and trading below $2,900.
- The coin could retest support at $2,749 if the bearish trend persists.
ETH Falls Below $2,900
The cryptocurrency market has turned bearish over the past three weeks despite a strong start to the year. After peaking near $3,400 earlier this month, Ether has lost almost 20% of its value over the last two weeks.
The recent decline saw ETH lose 1.5% in the past 24 hours and briefly dip below $2,800 on Sunday. It has since recovered slightly and is trading above $2,880 at the time of writing.
Broader macroeconomic pressures could keep downside momentum in place. The U.S. government faces the risk of another partial shutdown as Democratic lawmakers have threatened to block a Department of Homeland Security funding bill amid disputes over federal law enforcement actions.
The Federal Reserve is set to announce its first rate decision of 2026 soon. If the Fed holds rates steady or raises them, Ether and other major cryptocurrencies may suffer further short-term losses.
With gold and silver reaching fresh record highs hours ago, leading digital assets such as BTC and ETH may continue to underperform in the near term.
Ethereum Could Drop to $2,749 Support
The 4-hour ETH/USD chart shows a clear bearish bias as Ether has recorded recent losses. The altcoin closed its daily candle below $3,017 on Tuesday and declined roughly 5.5% through Sunday.
At the time of writing, ETH is trading around $2,889, close to a key support level at $2,749. If this support holds, Ether could rebound toward the daily resistance level at $3,017.
Traders should remain cautious, however, as momentum indicators currently favor the bears. The MACD lines sit in negative territory, and the RSI is at 41—below the neutral 50 mark.
Conversely, if Ether closes the daily candle below the $2,749 support, the correction could extend toward the November 21 low near $2,623.