- Ethereum’s price fell more than 7% as bears pushed it below $3,000, reaching $2,940.
- If selling pressure continues, bears could target lows near $2,300.
- BitMine keeps accumulating ETH, and some analysts say these dips present buying opportunities.
Ethereum’s price has dropped about 7% over the past 24 hours and appears set for further losses as bulls retreat sharply amid renewed selling pressure.
This move coincides with ETH slipping below the significant psychological level of $3,000 for the first time in several months.
Notably, the decline is happening amid broader market weakness, with Bitcoin also sliding toward lows near $89,500.
Macro nervousness, ongoing outflows from exchange-traded funds, and signs of capitulation are heightening concerns that the path of least resistance remains downward for BTC, ETH, and the wider crypto market.
Ethereum price falls below $3,000
On Tuesday, ETH fell through $3,000 and traded as low as $2,940.
The drop extends bearish momentum that has pushed Ethereum down more than 7% in the past 24 hours and about 16% from weekly highs above $3,200.
Despite significant accumulation from BitMine, downward momentum has overwhelmed buying interest and ETH risks further losses.
At the time of writing, Ethereum was trading near $2,979, with the major altcoin sharply lower as Bitcoin dipped below $90,000.
Data from CoinMarketCap showed BTC falling to roughly $89,500 on major exchanges, with declines in both coins occurring alongside substantial purchases from Strategy funds.
BitMine announced that it acquired an additional 54,156 ETH over the last seven days, bringing the publicly listed company’s total holdings to 3.56 million ETH.
Ethereum price outlook
Although aggressive buying has not halted the slide, longer-term bulls remain optimistic.
“Crypto prices have not recovered since the liquidation event on October 10. The ongoing weakness bears the mark of a market maker (or two) suffering from an impaired 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 to the market. This is effectively quantitative tightening for crypto and serves to suppress prices. In 2022 this QT effect lasted 6–8 weeks. Something similar may be happening today.”
Selling pressure has intensified even as outflows from U.S. spot ETFs for Ethereum have increased recently.
Technical indicators also paint a clearly bearish picture: the daily RSI is falling and the MACD histogram has moved into negative territory.
More than $175 million in ETH liquidations have occurred over the last 24 hours.
Coinglass data shows that over $136 million of those liquidations were long positions.
Breaching $3,000 therefore opens the door to testing new multi-month lows.
ETH could find support around the $2,800 area, but continued weakness would allow bears to target the $2,300–$2,228 range.
On the upside, Ethereum bulls face a steep climb in the near term, with strong resistance around $3,300.