Ethereum Falls Below $3,000 as Technical Breakdown Signals Further Downside Risk

On January 29, Ethereum (ETH) once again dropped below the $3,000 psychological level, with the price hovering around $2,940. This marks a decline of more than 14% from its recent peak near $3,400, reflecting increasing downside pressure in the market.
Technical analysis indicates that sellers have established a strong resistance zone above $3,000, limiting recovery attempts. In the short term, ETH continues to face downside risks, as bearish momentum remains intact.
The correction comes amid a combination of macroeconomic and geopolitical factors. The U.S. Federal Reserve maintained interest rates at its first policy meeting of the year, reinforcing a cautious monetary stance. At the same time, heightened tensions in the Middle East have driven risk-off sentiment, placing additional pressure on risk assets.
Against this backdrop, ETH broke below a key support level, confirming a downward breakout from a symmetrical triangle pattern—a technical development that often signals continuation of the prevailing trend.
Market participants are now closely monitoring support zones and macro developments, as ETH’s next move will likely be influenced by both technical dynamics and broader risk sentiment.