- Ethereum price dropped more than 7% as bears pushed below $3,000, reaching $2,940.
- With rising selling pressure, bears could target lows near $2,300.
- BitMine continues to accumulate ETH, with analysts saying dips are buying opportunities.
The Ethereum price has fallen about 7% over the past 24 hours and appears headed for further losses as bulls retreat amid renewed selling pressure.
This slide has pushed ETH below the psychologically important $3,000 level for the first time in months.
Notably, the decline comes amid broader market weakness, with Bitcoin also sliding to lows near $89,500.
Macro nervousness, continued outflows from exchanges and signs of capitulation are fueling concerns that the path of least resistance for BTC, ETH and the wider crypto market remains lower.
Ethereum price falls below $3,000
On Tuesday the ETH price broke under $3,000 and traded as low as $2,940.
The downturn pushed bears to extend the decline, leaving Ethereum down more than 7% in 24 hours and about 16% from weekly highs above $3,200.
Despite significant accumulation by BitMine, downward momentum has overwhelmed buying interest and ETH faces the risk of further losses.
At the time of writing, the Ethereum price hovered near $2,979 as the top altcoin slid alongside Bitcoin’s move below $90,000.
CoinMarketCap data showed BTC dipping to lows near $89,500 on major exchanges, with both coins falling despite notable purchases by institutional buyers.
BitMine publicly announced that it had added another 54,156 ETH over the past seven days, raising the publicly listed company’s total holdings to approximately 3.56 million ETH.
Ethereum price outlook
Although aggressive buying has not halted the drop, bulls remain structurally optimistic over the longer term.
“Crypto prices have not recovered since the liquidation event on October 10. The persistent weakness has the characteristics of a market maker (or two) operating with 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 in the market. That is akin to QT (quantitative tightening) for crypto and acts to dampen prices. In 2022 this QT effect lasted 6–8 weeks. Something similar may be happening now.”
Sell-side pressure is increasing amid ongoing outflows from US spot Ethereum ETFs.
Technical indicators also paint a bearish picture: the daily RSI is trending lower and the MACD histogram is in negative territory.
More than $175 million in ETH liquidations occurred in the past 24 hours.
Coinglass data shows that over $136 million of those liquidations were long positions.
The break below $3,000 could open the way for a retest of new multi-month lows.
ETH might bounce from the $2,800 area, but if weakness persists bears could target the $2,300–$2,228 zone.
On the upside, Ethereum bulls face a tough fight for short-term recovery, with strong resistance near $3,300.