Saad Ullah
⬤ Ethereum has hit a rough patch after losing a key support level from its recent ascending channel pattern. Trading now hovers near $2,900 following a sharp drop that's got traders worried about what comes next in the short term.
⬤ The digital asset had been climbing steadily through early December, carving out a narrow rising channel that looked promising at first. But that didn't last long. Price broke clean through the bottom of that channel, and the momentum just died. What looked like a recovery turned into another leg down, with ETH sliding back toward uncomfortable territory.
⬤ Right now, Ethereum is stuck around the $2,900 mark without much to get excited about. The chart's pointing to potential downside targets that mirror what we saw in an earlier selloff. There's no real sign of buyers stepping back in yet, and the old support zone has now flipped into resistance overhead. Unless ETH can climb back above that broken channel, the pressure stays on.
⬤ This breakdown matters beyond just Ethereum itself. When ETH stumbles, it usually drags sentiment across the broader crypto market down with it. The way price behaves at this $2,900 level could determine whether we see stabilization soon or more downside ahead, especially as traders recalibrate their expectations after losing this technical support.
Saad Ullah
