### Will Ethereum (ETH) Recover After Falling Below $3,000 Again?
Ethereum (ETH) has experienced a significant drop of over 8% in the past 24 hours, falling from $3,100 to $2,900. This recent decline is partly attributed to Genesis Trading's transfer of 256,775 ETH amidst its bankruptcy proceedings. As the second-largest cryptocurrency by market cap, Ethereum has dipped below $3,000 for the second time in the last month, reflecting global market concerns and substantial sell-off pressure in the crypto market.
Today's 8.41% decrease in ETH coincides with Genesis Trading's movement of $521 million in Ethereum (256,775 ETH) and $1.1 billion in Bitcoin (32,256 BTC) to various addresses. This activity is part of the company’s efforts to repay creditors following its January 2023 bankruptcy filing, which stemmed from mismanagement of funds related to the Gemini Earn program. In May, a court approved Genesis to liquidate $3 billion in assets to compensate affected customers.
The global crypto market is already experiencing pressure due to the impending Mt. Gox BTC repayments, contributing to a bearish outlook.
### Will Ethereum Climb to $3,500?
Ethereum briefly recovered to approximately $3,150 before falling below $3,000 again, influenced by the recent ETH transactions by Genesis Trading. This decline has triggered significant liquidations, amounting to $80.07 million in the past 24 hours, with long positions being the most impacted, totaling $71.56 million.
**Ethereum (ETH) Price Chart (Source: TradingView)**
Analyzing the daily price chart, Ethereum is struggling below the key support level of $3,000. The recent price action suggests a potential further decline, with the 21-day simple moving average (SMA) currently acting as a resistance level around $3,323. If ETH can rebound from the $2,844 to $2,760 support zone, there may be a chance for a W-shaped recovery pattern. This pattern indicates a possible market rebound after a decline, characterized by two low points with a brief rally in between.
