Ethereum News Update: Ethereum Challenges $3K Support Level as Bears Target $2.5K and Bulls Strive for a Comeback

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Ethereum News Update: Ethereum Challenges $3K Support Level as Bears Target $2.5K and Bulls Strive for a Comeback

Bitget-RWA2025/11/21 05:08

By:Bitget-RWA

- Ethereum fell below $3,000 for first time since July 2024, with spot ETFs recording $74.22M outflow over six days. - Technical indicators show oversold RSI (33.8), 12/0 sell/buy signals, and broken Fibonacci levels triggering automated selling. - Bitcoin's 58.1% dominance siphons capital from altcoins while Ethereum's 0.89 MVRV ratio signals loss-making holder capitulation. - Price tests $2,770 support with $2,500 next target if broken, amid extreme Fear & Greed Index (11) and 18.18% weekly Altcoin Seaso

Ethereum's value has

slipped under $3,000

for the first time since July 2024, signaling a notable point in its persistent downward movement. The digital asset dropped to a low of $2,870, while spot ETFs linked to

Ethereum

saw net outflows totaling $74.22 million

across six straight days. This steady withdrawal of funds highlights increasing investor caution,

especially as experts now consider

a $16,000 target for 2025 to be unlikely.

Technical signals further support the negative sentiment. Ethereum's 14-day Relative Strength Index (RSI)

is currently at 33.8

, pointing to oversold territory, while ETH/USD moving averages indicate a "Strong Sell" with 12 sell signals and no buy signals.

On the hourly timeframe

, the price has fallen below crucial Fibonacci supports and the 200-day simple moving average, leading to automated selling. Market makers, already impacted by a $20 billion liquidation in October, are

intensifying the decline

as they liquidate assets to fulfill obligations.

Ethereum News Update: Ethereum Challenges $3K Support Level as Bears Target $2.5K and Bulls Strive for a Comeback image 0

The wider market environment is adding to Ethereum's difficulties.

Bitcoin's market share has climbed

to 58.1%, drawing investment away from altcoins such as

ETH

. This behavior is consistent with previous corrections, where investors gravitate toward

Bitcoin

as a safer option. At the same time, Ethereum's MVRV ratio (market value to realized value) stands at 0.89,

reflecting heavy selling

by holders incurring losses—a typical sign of capitulation.

Price movement points to ongoing instability. Ethereum is now

challenging support at $2,770

, and a drop below this threshold could open the way to $2,500. On the other hand,

reclaiming $3,050

might restore some bullish sentiment, though analysts warn that lasting recovery depends on Bitcoin's steadiness and improved liquidity from market makers. The Fear & Greed Index, sitting at 11, reveals intense market anxiety, but the oversold state could trigger brief rebounds.

Important technical areas to watch are

support between $2,770 and $2,900

and resistance around $3,050 to $3,120. The MACD and RSI for ETH/USD remain

in negative territory

, while the Altcoin Season Index has

fallen by 18.18% over the past week

, indicating persistent capital outflows.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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