"Ethereum (ETH) will drop below $3,000"

A technical analysis prepared for Ethereum suggests that the price of ETH will drop below $3,000 with potential selling pressure.

Ethereum (ETH), the pioneer of altcoins, has lost nearly 10% of its value since November 12th. The decline in ETH was interpreted as a potential correction.

AMBCrypto made striking comments in its ETH analysis. The analysis stated that ETH would drop below $3,000 before its rise to an all-time high.

The analysis included the following statements;

"Positive net flows and increase in active addresses reflect strong investor activity despite short-term downward pressure."

"Ethereum (ETH) prepares for decline ahead of rally"

Last month, Ethereum (ETH) rose by 18.56%, creating an expectation of a bullish momentum. The popular altcoin gained over 30% in November, which started off strong. However, the positive trend ended with increased selling pressure on November 12th. The leading altcoin is currently trying to hold on to $3,100 in recent days.

Market sentiment and technical indicators indicate that ETH is in the accumulation phase, and the end of this phase could mark the beginning of a long-term bullish cycle.

According to the Fibonacci indicator created in the chart analysis of ETH, the price touched the support point determined as the correction line. Fibonacci, used to determine support and resistance levels, emphasized that $3,028 could be a potential support point. AMBCrypto stated that if the support point is broken, the price will continue to decline.

The following statements were included in the analysis;

"If ETH loses support at $3,028, it could quickly pull back to $2,900. Indeed, ETH seems to need this decline for a potential upward trend. Historical data shows that ETH experienced a decline before each of the four upward cycles."

The analysis suggested that if the $3,000 support works, ETH price will gain momentum and target $3,971.

The key metrics of ETH indicate increased selling pressure in recent days and difficulty in maintaining strong prices.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making decisions.