A technical analysis for Ethereum (ETH) has predicted that the ETH price could drop below the $3,000 level amid possible selling pressure.$ETH

Ethereum (ETH), the leader among altcoins, has lost about 10% of its value since November 12. This decline in ETH is considered by some analysts as a potential correction.

In the ETH analysis published by AMBCrypto, it was stated that ETH could fall below $3,000 before reaching a new all-time high. The analysis states that ETH's current price movements indicate a short-term correction and that a larger rise may occur after this correction.

The analysis included the following explanations:

"Positive net flows and an increase in active addresses reflect strong investor interest despite near-term selling pressure."

"Ethereum (ETH) is set for a drop ahead of a rally."

Ethereum (ETH), which has increased by 18.56% in the past month, has created an upward expectation among investors. Ethereum, which gained over 30% in November, lost this positive momentum with the selling pressure on November 12. In recent days, ETH has been trying to defend the $ 3,100 level. Market sentiment and technical indicators show that ETH is in the accumulation phase and that a long-term upward cycle may begin with the end of this period.

According to ETH’s chart analysis, the price is likely to decline towards a potential support level of $3,028 based on Fibonacci indicators. Fibonacci levels highlight that $3,028 could be a strong support level. AMBCrypto noted that if this support level is broken, the ETH price could experience further declines.

The analysis also included the following warnings:

“If ETH loses the $3,028 support, it could quickly drop to $2,900. However, historical data suggests that Ethereum needs to experience such declines before starting a larger rally. In all four previous bullish cycles, ETH experienced a correction before starting a major rally.”

The analysis predicted that if the $3,000 level remains intact, ETH could gain momentum and set a target towards $3,971.

ETH’s recent fundamental metrics show that increasing selling pressure is making it difficult for the price to remain strong, and this situation signals that ETH may lose more value in the short term.