Ethereum (ETH) Price Prediction: $3,050 Level Critical as Bearish Pressure Builds

Ethereum is currently trading around the $3,100 level, showing signs of weakening momentum across lower timeframes. Following our previous analysis, ETH did manage to build some upward pressure after clearing the $3,050 threshold, which briefly acted as support. However, this momentum has since stalled as Ethereum encountered strong rejection at the critical $3,400 resistance zone. The price is now pulling back to retest $3,050 as support once again. For the bulls to maintain control, this level needs to hold firm. A breakdown below $3,050 would likely trigger a continuation of the broader downtrend in the days ahead. With that in mind, let's examine the latest Ethereum charts to identify potential price targets and key levels to watch moving forward.

Our Ethereum Price Prediction Summary

• Ethereum is retesting $3,050 support after rejection at $3,400, with this level determining the next directional move.
• Bitcoin's breakdown below $92,000 is creating downward pressure across the crypto market, including Ethereum.
• A break below $3,050 would likely push ETH toward $2,750 and potentially $2,400 in the coming days.

Analyzing the Charts

Short-Term Structure on the 1-Day Chart

Looking at the 1-day chart, Ethereum appeared to be building bullish momentum through a potential double bottom pattern. This structure suggested a possible trend reversal was underway. However, the rejection at $3,400 has disrupted this setup and shifted the near-term outlook. Adding pressure to Ethereum's price action is Bitcoin's recent breakdown below its critical support zone between $92,000 and $94,000. This move in Bitcoin has created a ripple effect across the broader crypto market, dragging altcoins lower in tandem. At this stage, the $3,050 level becomes absolutely vital for Ethereum bulls. Holding above this support keeps the possibility of a recovery alive. Conversely, a decisive break below $3,050 would confirm the continuation of the downtrend and bring lower price targets back into focus.

Key Scenarios to Watch

If Ethereum manages to bounce from current levels and Bitcoin regains upward momentum, we could see ETH make another attempt at the $3,400 resistance. Bulls would use this opportunity to try and reclaim that level as support, which would open the door for higher targets. On the other hand, a breakdown below $3,050 would shift the focus to the downside. In that scenario, the $2,750 support zone becomes the next logical target. Given the weakness in the broader market, there is a strong possibility that even $2,750 fails to hold, which would then bring the $2,400 level into play as the next major support. Considering the prevailing bearish sentiment across crypto markets, the probability favors a move below $3,050 in the near term. This is reflected in our current Ethereum price prediction, which tilts toward the bearish side for now.

4-Hour Timeframe Breakdown

Zooming into the 4-hour chart, Ethereum remains range bound as it continues to hold above the $3,050 support level. The RSI indicator is approaching oversold territory, which typically signals short-term relief for buyers. This suggests we could see either sideways consolidation or a minor bounce in the immediate short term as the market digests recent losses. That said, these micro timeframe signals do not alter the broader bearish outlook. Despite the potential for short-term stabilization, the larger trend still points toward a retest of lower support levels in the days ahead.

Final Takeaway: What is Next for ETH?

Ethereum is testing the $3,050 support level after facing rejection at $3,400. The daily chart shows a disrupted double bottom pattern, while the 4-hour timeframe indicates oversold conditions that could provide temporary relief. However, the broader market weakness, particularly Bitcoin's breakdown below $92,000, continues to weigh on ETH's price action. A hold above $3,050 keeps the bullish case alive with potential for another test of $3,400. A breakdown below this level would likely accelerate the downtrend toward $2,750 and potentially $2,400. Given current market conditions, the near-term outlook for Ethereum leans bearish.