Ethereum Price Drops Below $3,300 as Analysts Predict $7,000 Target

Ethereum (ETH) has corrected over 10% from New Year highs, falling below the $3,300 support. Analysts express optimism for Q1 performance despite the pullback.

Market Performance

ETH dropped 14% from a Monday high of $3,744 to below $3,300.
The cryptocurrency reached $3,210 on Thursday after Bitcoin fell 7.2% in 24 hours.
$3,200-$3,300 is identified as a key support zone from December.

Potential Bullish Patterns

Analysts suggest ETH may be forming an inverse Head and Shoulders pattern.
Key resistance area identified between $3,650-$3,760, with a potential target of $3,000 for a right shoulder formation.
Miky Bull noted a possible price increase of 87.53% towards the $7,400-$7,500 range based on the bullish setup.

Future Outlook

Ali Martinez stated that a dip to $2,900 would provide a buying opportunity targeting $7,000.
A decline below $2,800 could invalidate the bullish pattern.
Similarities drawn between ETH's early 2024 and 2025 performance indicate a potential recovery after initial dips.
Crypto Wolf expects minimal downside left, predicting a possible retrace of 4% to 7% before aiming for all-time highs.

Current trading price of ETH is $3,255, reflecting a 2.15% decrease in the daily timeframe.