Ethereum fell sharply on Tuesday, dropping 5.8% over the past 24 hours and slipping below the $3,000 mark for the first time this month. The decline mirrors the broader market’s correction, but ETH’s technical indicators show a clearer loss of momentum that has traders watching key support zones closely.
Market Pressure Pulls ETH Lower
Across the crypto market, sentiment remains fragile. The Bitcoin slump pushed the market-wide Fear & Greed Index deeper into fear territory, and ETH followed suit with intensified downside. Trading volume spiked to $36.1 billion, up 18.6%, indicating heightened sell activity rather than organic demand. ETH’s market cap now stands at $355.7 billion, reflecting the sharp daily contraction.
Price action on the intraday chart shows a steady sequence of lower highs before an accelerated sell-off took ETH toward $2,920, marking a definitive break from the earlier $3,100–$3,200 consolidation range.
Technical Indicators Flash Weakness
Momentum indicators confirm the shift toward bearish sentiment. The MACD turned negative earlier in the day, with widening divergence signaling sustained downside pressure. ETH’s RSI briefly dipped into oversold territory on the 5-minute chart, touching around 30, before rebounding modestly to the mid-50s, suggesting sellers dominated the move before a small relief bounce.
On the higher-timeframe view, ETH’s inability to reclaim the $3,050–$3,100 zone reinforces the broader bearish structure, with traders eyeing $2,850 as the next potential support if selling continues.
Market Outlook
Despite the current pressure, ETH’s broader trend is not decisively broken. As with Bitcoin, analysts expect volatility to remain elevated while the market waits for stabilization in ETF flows, macroeconomic signals, and liquidity conditions.
For now, Ethereum remains under its critical psychological threshold, with traders watching whether buyers can defend sub-$3,000 levels, or if further capitulation will open the door to deeper retracements.