- Ethereum price fell more than 7% as bears pushed below $3,000, reaching $2,940.
- With selling pressure increasing, bears could target lows near $2,300.
- BitMine continues to accumulate ETH, and analysts say these dips are buying opportunities.
Ethereum’s price declined about 7% over the past 24 hours and appears poised for further losses as bullish momentum retreats under renewed selling pressure.
This drop marks the first time in several months that ETH has slipped below the psychological $3,000 level.
Notably, the decline comes amid broader market weakness while bitcoin also slides and recently tested lows near $89,500.
Macro concerns, continued outflows from exchange-traded funds, and signs of capitulation are fueling fears 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 $3,000, falling as low as $2,940.
The drop has extended the downtrend: Ethereum is down more than 7% over the past 24 hours and about 16% from weekly highs above $3,200.
Despite significant accumulation by BitMine, the pace of selling overwhelmed buying interest and left ETH at risk of further declines.
At the time of writing, Ethereum was trading around $2,979 as the leading altcoin slipped while Bitcoin moved under $90,000.
According to CoinMarketCap, BTC briefly fell to $89,500 on major exchanges, with both coins weakening even as Strategy continued notable purchases.
BitMine reported that it acquired an additional 54,156 ETH over the past seven days, bringing the public company’s holdings to 3.56 million ETH.
Ethereum price outlook
Although aggressive accumulation has not yet halted the slide, long-term bullish sentiment remains for many market participants.
“Crypto prices have not recovered since the October 10 liquidation. That residual weakness shows signs that the market-maker (or two) is suffering from a damaged 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 liquidity-provision functions in the market. That is equivalent to quantitative tightening (QT) for crypto and has a downward effect on prices. In 2022, this QT effect lasted 6–8 weeks. It appears to be happening today.”
Sell pressure is intensifying alongside ongoing outflows from U.S. spot Ethereum ETFs.
Technical indicators also show a clearly bearish picture: the daily RSI is falling and the MACD histogram sits in negative territory.
Meanwhile, more than $175 million in ETH liquidations occurred over the past 24 hours.
Coinglass data shows that over $136 million of those liquidations were long positions.
A break below $3,000 could clear the path for a retest of new multi-month lows.
ETH may find support around the $2,800 area, but prevailing weakness could allow bears to target the $2,300–$2,228 region.
On the upside, Ethereum bulls will face strong resistance near $3,300 in the near term.