The price of Ethereum (ETH) is testing the support level of $3,000

Ethereum (ETH) price continues to approach the $3,000 threshold.

The recent death cross on ETH’s EMA lines indicates an increasing bearish trend as sellers take control.

According to a report by Beincrypto, if significant support levels are breached, ETH could test $2,927 or drop to $2,358, which has been its lowest point since November 2024. However, a reversal could allow ETH to target resistance at $3,334 and beyond, offering hope for a recovery.

Ethereum Sellers Take Control

The Ethereum DMI chart shows that the ADX has sharply risen from 10.2 a day ago to 21.5, indicating an increase in trend strength after a period of low momentum.

Regardless of direction, the ADX measures trend strength, using thresholds where values below 20 indicate weak or non-trending conditions, and values above 25 indicate a strong trend. With the ADX now above 20, ETH is moving towards a more defined trend rather than sideways movement.

ETH DMI Analysis

The +DI, representing bullish pressure, has significantly dropped from 19 to 10.9, while the -DI, reflecting bearish pressure, has risen from 21.2 to 38.4. This shift indicates that sellers have now taken control, pushing ETH into a pronounced bearish trend.

The combination of a rising ADX and stronger bearish pressure confirms that this trend is gaining momentum, signaling further downside potential in ETH’s price movement.

Whale Addresses Accumulating ETH

The number of wallets holding at least 1,000 ETH, known as whales, has started to recover after dropping from 5,690 to 5,663 between January 15 and January 19.

Currently at 5,685, this figure is slightly below the highest level of 5,690 since February 2024, but still represents a relatively high intensity of whale activity.