Ethereum Drops Below $3,000 As Bears Break Rising Channel Support
Ethereum price dropped below $3,000 and continues showing weakness as sellers push the cryptocurrency toward critical support levels. The second-largest digital asset by market capitalization is trading below key technical indicators, signaling potential further declines if bulls fail to defend the $2,880 threshold.
What Happened: Price Breakdown
Ethereum started a fresh decline after failing to hold above the $3,000 pivot level, mirroring Bitcoin's recent weakness.
The cryptocurrency broke below $2,980, entering what technical analysts classify as bearish territory.
The price fell through the 50% Fibonacci retracement level of the upward move from $2,775 to $3,075. A rising channel with support at $2,980 on the hourly chart of ETH/USD also gave way, according to data from Kraken.
Ethereum is now trading below $2,980 and the 100-hourly Simple Moving Average. Immediate resistance sits near $2,980, with the first key barrier at $3,000.
Also Read: Solana Loses 97% Of Traders During 2025 As Institutional Money Exits
Why It Matters: Technical Deterioration
If bulls protect the $2,880 level, Ethereum could mount a recovery toward $3,000 and potentially $3,050.
A clear move above $3,050 might propel the price toward $3,120, with further gains potentially reaching $3,200 or $3,220 in the near term.
However, failure to reclaim $3,000 resistance could trigger additional selling pressure. Initial support on the downside sits near $2,880 and the 61.8% Fibonacci retracement level from the recent swing low to high.
The first major support zone is located near $2,845. A break below that level might push Ethereum toward $2,800, with additional losses potentially sending the cryptocurrency to $2,775 or the next key support at $2,720, according to technical analysis.
Read Next: Dogecoin After The Election Surge: What Went Wrong With The $1 Thesis
Price Action and Market Volatility Recent Dip and Recovery: Bitcoin recently tumbled to multi-month lows, dropping close to $80,000, with some reports citing a seven-month low. However, it has since shown a measured recovery, trading back towards the $87,000 - $88,000 levels as of the latest reports. #BTCRebound90kNext? #USJobsData #CryptoIn401k #TrumpTariffs #ProjectCrypto $BTC
✅ Bitcoin (BTC) – Trading around $64,200 – $65,000 range – Slight positive momentum (+1.2%) as buyers step in on dips – Resistance at $66,000, support near $62,500
✅ Ethereum (ETH) – Around $3,450 – $3,520, up about 1% – Gas fees remain low, staking continues strong – Watching $3,600 as the next major resistance
✅ Solana (SOL) – Stable around $148 – $152, gaining ~2% – NFT and DeFi activity picking up again
✅ BNB (BNB) – At $588 – $595, up modestly – Holding above key $580 level, eyes on $600 breakout
✅ Bitcoin (BTC) – Trading around $64,200 – $65,000 range – Slight positive momentum (+1.2%) as buyers step in on dips – Resistance at $66,000, support near $62,500
✅ Ethereum (ETH) – Around $3,450 – $3,520, up about 1% – Gas fees remain low, staking continues strong – Watching $3,600 as the next major resistance
✅ Solana (SOL) – Stable around $148 – $152, gaining ~2% – NFT and DeFi activity picking up again
✅ BNB (BNB) – At $588 – $595, up modestly – Holding above key $580 level, eyes on $600 breakout
368-1DEGENAI +141% — eye-popping gains, though volumes are modest
Top Loser
542-0TIA: –5%, now $1.52
---
🔻 2. Major Assets Recap
609-0Bitcoin (BTC) is hovering around $108K–$110K, down ~1.4% from resistance at $110K—traders are watching support levels at $93K and $80K .
808-0Ethereum (ETH) slipped ~3.1% today, trading between ~$2,283–$2,624. Its next resistance is ~$2,748; if cleared, there may be room for a ~20% surge to ~$3,090 .
1010-0Solana (SOL) down ~4.3%, currently between $130–$160. Resistance near $170; upside potential to ~$195 if it breaks through .