- Ethereum price was down more than 7% as bears broke below $3,000 to touch $2,940.
- As sell-off pressure mounts, bears could eye lows of $2,300.
- BitMine continues to buy ETH, with analysts indicating dips are for buying.
Ethereum price is down 7% in the past 24 hours and looks poised for fresh losses as bulls retreat sharply amid renewed selling pressure.
This comes as ETH prices dip below the psychological $3,000 level for the first time in months.
Notably, the breakdown arrives amid broader market weakness, with Bitcoin extending its rot to hit lows of $89,500.
Macro jitters, persistent exchange-traded funds outflows, and signs of capitulation are fueling concerns that the path of least resistance remains lower for BTC, ETH, and the broader crypto market.
Ethereum price dips below $3,000
On Tuesday, the ETH price breached the $3,000 mark, trading as low as $2,940.
The downturn sees bears extend the downtrend that has seen Ethereum shed more than 7% in the past 24 hours, and 16% from its weekly highs above $3,200.
Despite notable accumulation by BitMine, downside momentum has overwhelmed buying interest and ETH risks fresh losses.
At the time of writing, the Ethereum price hovered near $2,979, with the top altcoin down sharply as Bitcoin plunged under $90,000.
Per CoinMarketCap data, BTC fell to lows of $89,500 across major exchanges, with both coins’ dips coming amid notable buying by Strategy.
BitMine disclosed it had acquired an additional 54,156 ETH over the past seven days, a move that pushed the publicly-traded company’s total holdings to 3.56 million ETH.
Ethereum price forecast
While the aggressive buying has failed to stem price declines, bulls remain upbeat long-term.
Lee added:
Sell-off pressure is up amid continued outflows from US spot Ethereum ETFs.
Technical indicators also paint a decidedly bearish picture, with the daily RSI slipping and the MACD histogram in negative territory.
Ethereum price chart by TradingViewMeanwhile, more than $175 million in ETH liquidations have occurred in the past 24 hours.
Coinglass data shows that over $136 million of these are long positions.
The breach of $3,000 could thus clear the way for a retest of new multi-month lows.
ETH could bounce off the $2,800 region, but weakness would allow bears to target the $2,300–$2,228 region.
On the upside, Ethereum bulls face an uphill battle in the near term with major resistance around $3,300.
Source: https://coinjournal.net/news/ethereum-price-outlook-bears-pierce-3000-as-sell-off-pressure-mounts/
