Ethereum Price Falls Below $3000 Key Accumulation Zones Come Into Focus

• Ethereum price drops below $3,000, hitting key levels that often attract long-term buyers.
• Current correction mirrors 2020 pattern, with potential for a strong breakout afterward.
• Major accumulation zones identified around $3,000, $2,621 (0.5 Fib), and $2,255 (0.618 Fib).

Ethereum has dropped sharply, but this decline appears similar to a past move that led to a big rise. At this point, the price is at critical levels that normally attract long-term buyers. Despite short-term pullbacks, the prospects still appear favorable.

At the time of writing, Ethereum is trading at $2,058 with a 24-hour trading volume of $75.51 billion and a market capitalization of $359.51 billion. The ETH price decreased by 4.04% in the last 24 hours.

Source: CoinMarketCap

Ethereum Correction Mirrors 2020 Pattern

A well-known analyst, Merlijn The Trader, highlighted that the current correction in Ethereum’s price closely resembles the price action of Ethereum back in 2020. At that time, ETH plummeted by 38% only to go on an immense run. Currently, ETH again plummeted by 38%, which creates the same fear, the same doubt, and possibly the same breakout chance, according to Merlijn.

Source: X

As the analyst recalls that after the breakout of the decade, there were numerous investors who doubted ETH just before the breakout event occurred. As Merlijn points out, this might happen again.

Also Read | Ethereum Crash or Rally? ETH Could Skyrocket to $8K–$10K Soon

Ethereum Slides Toward Major Support

Adding to the analysis, Crypto Patel pointed out that Ethereum has reached the target price of $3,000 just as expected when the price fell below the area of $4,000. Patel further explained that ETH currently sat within the realm of being down by about 30 percent at the critical short-entry point that Crypto Patel established earlier.

Source: X

People who took that setup made enormous profits, while the others who steered clear of the purchase above the price of $4,000 managed to avoid the purchase at the peak price. Patel believes that with the correction that Ethereum has recorded, the cryptocurrency stands at its first major accumulation zone.

Patel also mentioned various levels that should not go unnoticed by the investor. The first area of demand at the $3,000 price point appears to be the first area of demand, with the next area of significance at the price of close to $2,400.

Apart from that, Patel called attention to the accumulation area at the 0.5 Fibonacci point of close to $2,621 and the 0.618 Fibonacci point of close to $2,255. A move there could bring great value if Ethereum moves there.

Despite the slump that occurred recently, the overall outlook still appears optimistic. Patel further reiterated that ETH should target the price ranges of $10,000 to $15,000. He reminded the community that patience must still be employed throughout the process, with the structure of the chart being followed.

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