Ethereum Drops Below $3K, Key Support at $2,800 in Focus

• Ethereum fell to $2,927 with 24-hour volume rising 99% to $28.77B.
• Key support is near $2,800 and resistance continues to hold around $4,100.
• ETH/BTC remains above its 20-day average, showing short-term strength.

Ethereum has fallen below the $3,000 level after dropping 5% in the past 24 hours. The price decline followed a failed attempt to hold above $3,125 and came amid broad selling across the crypto market.

ETH Price Declines with Support Levels in Focus

Ethereum (ETH) declined by 5% in the past 24 hours, falling to $2,927, according to CoinMarketCap. The price dropped from the $3,125 zone and failed to reclaim the $3,000 level during the current session. 

Crypto analyst Crypto Tony shared a corrective ABC wave structure. He shorted ETH near recent highs and is now watching for a lower entry point. 

His chart suggests a bounce toward $3,200 could follow once the current dip completes. 

Analysts Monitor Broader Price Range Between $2,800 and $4,100

Daan Crypto Trades marked $2,800 as the main support level and $4,100 as key resistance. ETH has bounced off the $2,800 area several times since 2022, while $4,100 has capped multiple rallies.

Ethereum remains in the middle of this longer-term range, with no breakout in either direction.

Michaël van de Poppe commented on ETH’s performance against Bitcoin. He said ETH/BTC is still holding above its 20-day moving average. He added that this could reflect early strength, but traders should be cautious. 

Short-Term Action Around $3,000 to Define Next Move

Short-term levels are now centered around $3,000. Analyst Ted observed that ETH briefly dropped below $3,050 but then recovered. 

He said that holding above $3,000 could lead to a move toward $3,300–$3,400. If $3,000 fails again, ETH might revisit the $2,800 range.

Although ETH remains under pressure, some analysts believe the asset is stabilizing within a wide trading zone. Ethereum has outperformed Bitcoin in several recent sessions but still trades well below its previous high of $4,950.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.