Ethereum Faces Risk of a 20% Drop After Rejection at $3,000 📉

Ethereum (ETH) is struggling after being rejected once again at the $3,000 resistance level. ETH is currently trading around $2,950, indicating persistent selling pressure in the market.

Analysts emphasize that ETH must reclaim and hold above $3,070 to prevent a deeper pullback. A failure to hold this level could push the price towards the $2,600–$2,700 support zone, representing a potential 20% downside. 📉

Price action suggests ETH is compressed within a tight consolidation range. Both bulls and bears are awaiting a decisive breakout, as such compression often leads to a strong directional move. 🚀

On the upside, the $3,400–$3,600 range remains a major resistance zone. The 200-day moving average (200 MA) also acts as a critical barrier, limiting upward momentum unless decisively broken.

(ETHUSDT)