Ethereum Price Analysis: Will $3K Hold as ETH’s Bearish Momentum Intensifies?

Ethereum has slipped below the $3,300 mark, indicating persistent selling pressure in this ￰0￱ bears aren’t showing strong momentum just yet, the fact that the price declined following a major liquidation event, one that already cleared out many over-leveraged longs, raises the risk of further ￰1￱ hints that spot sellers could now be in control, opening the door for a deeper short-term ￰2￱ Analysis By Shayan The Daily Chart On the daily chart, ETH dropped below the channel and has fallen slightly beneath the 200-day moving ￰3￱ is currently breaking below the $3,300 demand zone ￰4￱ is a key level Ethereum is now losing, as the 200-day moving average is known as one of the most critical indicators for determining whether the overall market phase is bullish or ￰5￱ RSI also remains weak at 32, showing the market is not bound for recovery ￰6￱ buyers to regain control, ETH needs to break back above $3,500 and flip that region and the 200-day moving average into ￰7￱ then, the price is sitting in a vulnerable zone, which could push the price lower toward the $3,000 support level in the coming ￰8￱ 4-Hour Chart The 4-hour chart shows a quick rejection from the lower boundary of the broken channel and the previous support zone, around $3,400.

The price is currently hovering around the level and has yet to form a convincing rebound or create a higher ￰9￱ RSI is also stabilizing below the 50% level, as the momentum is clearly ￰10￱ ETH breaking the $3,300 to the downside once more, the next sweep toward the $3,000 zone and lower could come ￰11￱ Analysis Long Liquidations Sentiment-wise, liquidations wiped out a large portion of late long entries, creating a cleaner slate for the price to ￰12￱ chart shows a major liquidation spike right before the small bounce, confirming the ￰13￱ many positions flushed and the RSI nearing oversold regions across multiple timeframes, the market might soon be due for a reset.

Yet, traders are likely to stay cautious, waiting for clearer strength and a break back above $3,500 before reloading on ￰14￱ the other hand, a drop toward the $3,000 level could ignite another liquidation cascade and lead to an even more significant liquidation event, which could result in another flash crash in the upcoming weeks.