Ethereum Price Slides Below $3K: ETH Risks Drop to $2.3K
Ether (ETH) has been consolidating around $3,000 after a recent drop to $2,620, with price stuck between $2,800 support and $3,260 resistance at the 50-day EMA. Resistance is heightened in the $3,100–$3,250 range, while heavy buying at $2,800 provides key support. Ether futures show weak bullish sentiment, with only a 3% premium over spot markets and declining leveraged demand. Long-term ETH holders have sold 847,222 coins in the past month, contributing to price pressure. Ethereum network fees have dropped by 45% over 30 days, reflecting broader crypto market weakness. Daily chart patterns suggest a potential bear flag, with a measured target of $2,300 if $2,800 support fails, indicating a possible 18–22% further decline. If ETH breaks below $2,800, next supports lie at $2,716–$2,623. Network activity remains soft, with transaction and address counts falling over the last week.
