TechFlow news: On January 29, according to Cointelegraph, analysts stated that Ethereum (ETH) has broken below the $3,000 threshold, confirming a breakout from a symmetrical triangle pattern. ETH is currently trading at approximately $2,920—down more than 14% from its recent high near $3,400.
Technical analysis shows that last week, after ETH broke below the lower trendline of the triangle pattern, it experienced a rebound—but failed to reclaim that level as support, indicating sellers have converted it into resistance. If this breakdown persists, ETH’s price could fall to a target level of around $2,250 by mid-February, representing roughly a 25% decline.
Analysts noted that this bearish outlook could be invalidated if ETH reestablishes the triangle’s lower trendline as support and breaks above the 200-day and 50-day exponential moving averages (EMAs), currently at approximately $3,065 and $3,065 respectively. The Federal Reserve’s decision to hold interest rates steady, coupled with escalating geopolitical tensions related to Iran, has further intensified market risk-aversion sentiment.
