Ethereum Drops Below $3000 as Analysts Forecast Possible Decline to $2250 in February

According to Cointelegraph, analysts said that the price of Ethereum (ETH) has broken below the $3,000 level, confirming a breakout from a symmetrical triangle pattern. ETH is currently trading at around $2,920, a drop of more than 14% from its recent high near $3,400. Technical analysis shows that ETH rebounded after breaking below the lower trendline of the triangle pattern last week, but failed to reestablish above that level, indicating that sellers have turned this level into resistance. If this downward trend continues, the price of ETH could fall to a target level of around $2,250 before mid-February, representing a roughly 25% decline. Analysts noted that this bearish outlook could be reversed if ETH is able to reestablish the lower trendline of the triangle as support and break through the 200-3D EMA (around $3,065) and the 50-3D EMA resistance level. The Federal Reserve's decision to keep interest rates unchanged, along with heightened geopolitical tensions related to Iran, have further intensified market risk-aversion sentiment.