ETH faces pressure near $3,280 amid market-wide consolidation; analysts monitor $3,000–$2,850 zone for potential rebound
Ethereum (ETH) continued its recent pullback this week, slipping toward the $3,000 mark as selling pressure intensified across major cryptocurrencies. The second-largest digital asset by market capitalization was last seen trading near $3,286, down roughly 2.3% over the past 24 hours.
The decline marks a notable test of Ethereum’s green support zone between $3,200 and $3,400, an area that previously acted as a springboard during July’s rally. Below this band lies a deeper orange support region between $2,850 and $3,000, considered by many traders as the final defense before a potential bearish continuation.
“The $3,000 level is a psychological and technical pivot for Ethereum,” said one BitXJournal market analyst. “Losing this zone on strong volume could open the door to a retest of early 2025 lows near $2,700.”
Technical data supports this cautious tone. Volume has risen on recent down days, while momentum indicators show a decline from overbought levels seen in late October. The failed breakout above $4,000, highlighted by the red resistance line on the chart, has since turned into a ceiling, capping any recovery attempts.
Despite the near-term weakness, not all analysts are bearish. Some note that Ethereum’s long-term structure remains intact as long as the price holds above $2,800, which aligns with the broader uptrend formed earlier this year. “Ethereum has a habit of shaking out weak hands before resuming its climb,” one BitXJournal trader observed, adding that a bounce from the $3,000 range could reignite bullish sentiment into year-end.
If Ethereum closes below $3,000, downside risks could accelerate toward $2,700, but holding above $3,200 may reaffirm mid-term support strength.
For now, market participants are watching whether Ethereum’s buyers can defend the critical $3,000 threshold — a level that could determine the tone of trading for the rest of November.
All eyes remain on Ethereum’s $3,000 line in the sand — the battleground between recovery and renewed downside momentum.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.