Ethereum's (CRYPTO:ETH) recent price movements have been marked by significant selling pressure, breaking key moving averages and dropping towards critical support levels, notably the $3,000 mark.

This decline has triggered a long liquidation cascade, emphasising bearish sentiment in the market.

Despite landing on strong historical support, Ethereum faces uncertainty as it consolidates around $3,000, with potential for further downside if this level fails to hold.

Technical indicators like the RSI suggest a short-term correction phase before any major recovery attempts, with traders closely watching price action to gauge future trends amidst ongoing market volatility.