The post Ethereum continues to struggles: Bears eye drop below $3K appeared on BitcoinEthereumNews.com.

Ethereum was unable to reclaim $3.4k as support during the most recent try. The liquidations data showed that price is poised for a move below $3k soon. The Ethereum [ETH] leadership has faced criticism, specifically inefficiencies and a lack of direction. In an informal poll, 97% of 335 voters holding 51,198 ETH supported Danny Ryan, a former researcher, to lead the Ethereum Foundation. Vitalik Buterin has clarified that he is the sole decision maker for the EF leadership changes. Analysis of long-term on-chain metrics showed that long-term holders were confident in ETH, with only moderate profit-taking seen from the LTH NUPL metric. This was not enough to halt the steady downtrend of the altcoin king in recent weeks. Ethereum bulls falter at $3,400 once again Source: ETH/USDT on TradingView In June and July of 2024, the $3.4k-$3.5k acted as a support zone for ETH before it was flipped to resistance. The rally in November saw this area tested and a pullback ensue. In the months since then, this region has been of vital importance. A rally beyond $3.5k in January was quickly reversed, and the price action has formed lower highs and lower lows since then. The quick gains on the 30th and 31st of January saw short-term gains across the altcoin market, but they were short-lived. The daily RSI concurred with the bearish structure, with a reading below 50. Also, the OBV was hovering around a support level from November and December. The volume indicator was evidence for the weakness of the buyers. Source: Coinglass The 3-month liquidation heatmap showed that a move to $2,850 was highly likely. To the north, there were liquidity pockets at $3,460 and $3,800, and a sizable cluster at $4.2k. Source: Coinglass The magnetic zone at and below $3k suggested that a move downward…

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Filed under: News - @ February 2, 2025 9:18 pm