Ethereum Under Pressure After Breaking $3,150 Support, Analysts Eye $2,400

Source: CoinEdition Original Title: Ethereum Under Pressure After Breaking $3,150 Support, Analysts Eye $2,400 Original Link: https://coinedition.com/ethereum-under-pressure-after-breaking-3150-support-analysts-eye-2400/

Market Overview

The crypto market remained under pressure over the past 24 hours, with most major tokens posting small gains or moving sideways. Total market capitalization stood near $3.07 trillion, down about 2%, while overall sentiment stayed weak. Bitcoin traded around $90,300, down over 2%, while Ethereum dipped nearly 5% to hover near $3,088. Altcoins also showed limited strength, with XRP near $2.02, Solana around $133, and Cardano at $0.41.

Ethereum Sees Sharp Losses as Liquidations Surge

Ethereum recorded one of the sharpest declines among other altcoins over the past 24 hours, as selling pressure increased across the crypto market. ETH traded between a low of $3,050 and a high of $3,264, slipping below $3,150, a crucial support level.

The drop triggered heavy liquidations. More than $213 million in crypto positions were wiped out in the past day. Ethereum long positions accounted for $114 million of those losses, highlighting how exposed bullish traders were during the pullback.

Analysts Warn of Further Downside Risk

Market analysts pointed to a bearish technical setup forming on Ethereum’s chart. According to technical analysis, if the current price structure develops into a flag pattern, ETH could slide toward $2,400 in the coming sessions.

Another technical analyst noted that Ethereum has now fallen below last week’s swing low, adding weight to the view that a short-term top may already be in place. Based on Fibonacci analysis, resistance is now seen between $3,156 and $3,245, while a new support zone has formed just below current prices.

If Ethereum fails to hold this support, the next level to watch would be the early December low. A weak bounce from that area could signal a deeper correction.

Institutional Buying Offers Some Support

Despite the sell-off, institutional interest has not disappeared. Reports showed that BlackRock recently purchased $23.2 million worth of Ethereum, alongside $52.4 million in Bitcoin, suggesting long-term buyers are still active during market dips.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Readers are advised to exercise caution before taking any action related to the company.