Ethereum (ETH) has experienced a 7% price drop in the past 24 hours, indicating a potential decline below $3,000 as the bearish momentum strengthens. The recent death cross in ETH’s EMA lines signifies the growing downtrend with sellers taking control.

If crucial support levels are broken, ETH might test $2,927 or drop to $2,358, its lowest point since November 2024. Conversely, a reversal could lead to ETH aiming for resistance at $3,334 and beyond, offering optimism for a recovery.

The Ethereum DMI chart shows a significant increase in ADX to 21.5 from 10.2, highlighting a strengthening trend after a period of low momentum. The shift towards a more defined trend is backed by a rising ADX and escalating bearish pressure, affirming the growing momentum of the downtrend.

Additionally, the recovery of whale addresses holding at least 1,000 ETH suggests increased accumulation among large holders. Monitoring whale activity is crucial as it can impact the market significantly, with a high concentration of whale wallets indicating confidence in ETH’s long-term outlook.

In terms of price prediction, ETH faces the possibility of falling below $3,000 following the recent bearish momentum and death cross in EMA lines. However, a positive reversal could see ETH challenging resistance at $3,334, potentially leading to further gains towards $3,473 and $3,745.