- Ethereum price fell more than 7% as bears pushed below $3,000, dipping to $2,940.
- With mounting selling pressure, bears could target lows near $2,300.
- BitMine continues to buy ETH, and analysts say declines are being used to accumulate.
Ethereum’s price dropped about 7% over the past 24 hours and appears vulnerable to further losses as buyers retreat sharply amid renewed selling pressure.
This decline coincides with ETH falling below the psychological $3,000 level for the first time in months.
Notably, the sell-off is occurring within a broader market weakness, with Bitcoin extending its slide to lows around $89,500.
Macroeconomic jitters, persistent outflows from exchange-traded products, and signs of capitulation are raising concerns that the path of least resistance remains lower for BTC, ETH, and the wider crypto market.
Ethereum price slips below $3,000
On Tuesday, ETH fell beneath the $3,000 threshold, trading as low as $2,940.
The move extends the downward trend, with Ethereum losing more than 7% in 24 hours and about 16% from weekly highs above $3,200.
Despite significant accumulation by BitMine, bearish momentum has overwhelmed buying interest and ETH faces the risk of further declines.
At the time of writing, Ethereum was trading near $2,979 as the top altcoin slid while Bitcoin traded below $90,000.
CoinMarketCap data showed BTC falling to roughly $89,500 on major exchanges, with both coins weakening even as Strategy has been an active buyer.
BitMine disclosed that it added another 54,156 ETH over the past seven days, bringing the publicly listed company’s total holdings to 3.56 million ETH.
Ethereum price outlook
Although aggressive buying has not yet arrested the sell-off, bulls remain optimistic about the long-term outlook.
“Crypto prices have not recovered since the October 10 liquidation event. The persistent weakness looks like one (or two) market makers suffering from a compromised balance sheet,” said Thomas “Tom” Lee of Fundstrat, quoted by BitMine.
Lee added:
“When a market maker has a ‘hole’ in its balance sheet, it seeks to raise capital and reduces liquidity provision in the market. That is the equivalent of QT (quantitative tightening) for crypto and it suppresses prices. In 2022, this QT effect lasted 6–8 weeks. We are likely seeing something similar now.”
Selling pressure is increasing due to ongoing outflows from U.S. spot Ethereum ETFs.
Technical indicators also paint a decidedly bearish picture: the daily RSI is falling and the MACD histogram is in negative territory.
Meanwhile, more than $175 million in ETH liquidations occurred over the past 24 hours.
Coinglass data show that over $136 million of those liquidations were long positions.
A break below $3,000 could open the door to testing fresh multi-month lows.
ETH might find support and bounce around the $2,800 area, but further weakness would allow bears to target the $2,300–$2,228 zone.
On the upside, Ethereum bulls face an uphill task in the short term, with major resistance near $3,300.