Ethereum Under Pressure After Breaking $3,150 Support, Analysts Eye $2,400

The crypto market remained under pressure over the past 24 hours, with most major tokens posting small gains or moving sideways. Total market capitalization stood near $3.07 trillion, down about 2%, while overall sentiment stayed weak. Bitcoin traded around $90,300, down over 2%, while Ethereum dipped nearly 5% to hover near $3,088. Altcoins also showed limited strength, with XRP near $2.02, Solana around $133, and Cardano at $0.41.

recorded one of the sharpest declines among other altcoins over the past 24 hours, as selling pressure increased across the crypto market. ETH traded between a low of $3,050 and a high of $3,264, slipping below $3,150, a crucial support level

The drop triggered heavy liquidations. More than $213 million in crypto positions were wiped out in the past day, according to CoinMarketCap data. Ethereum long positions accounted for $114 million of those losses, highlighting how exposed bullish traders were during the pullback.

Market analyst Ali Charts pointed to a bearish technical setup forming on Ethereum’s chart. He said that if the current price structure develops into a flag pattern, ETH could slide toward $2,400 in the coming sessions.

Another technical said that Ethereum has now fallen below last week’s swing low, adding weight to the view that a short-term top may already be in place. Based on Fibonacci analysis, resistance is now seen between $3,156 and $3,245, while a new support zone has formed just below current prices.

If Ethereum fails to hold this support, the next level to watch would be the early December low. A weak bounce from that area could signal a deeper correction.

Despite the sell-off, institutional interest has not disappeared. Reports that BlackRock recently purchased $23.2 million worth of Ethereum, alongside $52.4 million in Bitcoin, suggesting long-term buyers are still active during market dips.

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