Amid the ongoing crypto market downturn, Ethereum is at risk of dropping to $3,000. Will sellers push the price lower and break the previous low at $2,913?
With liquidations across the crypto market reaching $850 million—$789 million of which are from long positions—altcoins are facing significant selling pressure. Ethereum has dropped 6.80% over the past 24 hours.
Having fallen below the $3,200 level, Ethereum is now under increased pressure at the psychological support level of $3,000. Will the current bearish market conditions push Ethereum to lower levels in 2025? Let’s take a closer look.
Ethereum Price Analysis
In the 4-hour chart, the Ethereum price trend reveals a massive pullback after failing to cross above the local resistance trendline. After a minor consolidation near the $3,300 level, the broader market pullback crashes Ethereum.
With three intense bearish candles, Ethereum is down to $3,050, recording an intraday drop of 8%. Furthermore, the surge in selling pressure has broken under the previous swing low at $3,140.
Ethereum Derivatives Warns Massive Crash
As the broader market sentiment worsens, bearish speculation is growing. Ethereum’s derivatives data shows a 1.29% drop in open interest, now standing at $31.23 billion.
The long-to-short ratio has fallen to 0.8727, and the funding rate is down to 0.0048%. These signs suggest a decline in bullish positions and a lack of interest from traders to pay premiums on long positions.
ETH Price Targets
With a strong bearish setup indicated by both price action and derivative data, key Fibonacci levels show crucial support at $3,023. A strong close below this level on the 4-hour chart would likely test previous lows at $2,913.
On the other hand, while the chances of a bullish reversal appear slim, if Ethereum manages to reverse from $3,023, a significant bullish divergence in the RSI could signal a rebound. This may lead to a retest of the local resistance trendline near $3,300.
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