Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has slipped below the critical $2,900 level despite recording a modest 2.64% increase over the past 24 hours. This price action reflects the uncertainty dominating the broader crypto market, where traders are witnessing rapid swings, shifting narratives, and mixed on-chain signals. ETH’s recent dip below $2,900 suggests that bearish pressure continues to weigh on the market, even as short-term buyers attempt to push prices higher. With macroeconomic uncertainties, fluctuating investor sentiment, and reduced trading volume, Ethereum’s short-term trend remains highly reactive.
In the past 24 hours, Ethereum’s price movement has been characterized by tight trading ranges and swift volatility spikes, fueled by both liquidations and speculative momentum. The slight 2.64% increase highlights buyer participation but falls short of indicating a full reversal or sustained bullish momentum. Market analysts note that despite the intraday bounce, ETH faces significant resistance zones between $2,900 and $3,050—levels that must be reclaimed for the asset to reenter a stronger upward trend. On the downside, support levels near $2,750 and $2,600 remain key areas to monitor if selling pressure intensifies.
One of the major factors affecting Ethereum’s price trajectory is the ongoing slowdown in network activity. Transaction fees, staking yields, and decentralized finance (DeFi) activity have all shown signs of cooling in recent weeks. Although Ethereum’s transition to Proof-of-Stake and scaling improvements such as layer-2 rollups have boosted long-term fundamentals, short-term metrics continue to create friction for ETH’s price performance. On-chain data indicates that whale accumulation has not picked up substantially, and retail traders remain cautious due to macroeconomic uncertainties such as interest rate expectations and geopolitical instability.
Another contributing dynamic is the rotation of capital into Bitcoin and other high-performing altcoins. As Bitcoin dominance grows, altcoins—including Ethereum—often experience slower recoveries during market volatility. The widening interest in newer chains such as Solana, Avalanche, and emerging layer-2 ecosystems further diversifies investor attention away from Ethereum. Still, ETH remains a central pillar of the crypto ecosystem, with strong developer activity, robust infrastructure, and long-term institutional interest.
From a technical standpoint, Ethereum’s struggle to remain above $2,900 indicates a lack of strong bullish momentum. The RSI on several timeframes suggests neutral to slightly oversold conditions, hinting that a temporary rebound is possible—but without strong volume, any upward correction may be short-lived. Analysts suggest that Ethereum needs a decisive breakout above $3,000 to establish a more sustainable bullish structure. Until then, ETH is likely to experience sideways consolidation, with potential retests of lower support levels.
Investors are advised to monitor key catalysts such as upcoming Ethereum Improvement Proposals (EIPs), updates from major layer-2 projects, and broader macroeconomic data releases. Additionally, ETF-related sentiment and institutional inflows could influence ETH’s next major move. Despite the short-term challenges, Ethereum continues to demonstrate strength through its vibrant ecosystem of developers, decentralized applications, and high-value use cases like smart contracts, tokenization, and DeFi protocols.
While the short-term dip below $2,900 underscores ongoing market turbulence, the long-term outlook for Ethereum remains intact. The network’s continuous upgrades, rapid expansion of layer-2 scaling solutions, and increasing institutional engagement offer strong foundations for future growth. However, in the immediate term, ETH traders should expect continued volatility as the market navigates this critical price zone. Ethereum’s next move will likely depend on whether buyers can regain momentum above $2,900 or if sellers take control and push the price toward deeper support levels.
