Ethereum’s price drop has breached critical support levels and fallen below the $3,000 mark as the crypto market collapses. Will the decline go further this weekend?

With a bullish close last Sunday and a 1.75% rise, the investors did not anticipate a crash this week. However, the release of the Mr. Gox Bitcoin payout has caused the crypto market to plummet to critical levels. 

The massive payouts from the 2014 Mt. Gox security breach have increased supply pressure across the broader market. As a result, the crypto market experienced massive declines.

As buyers struggle to absorb the selling pressure, Ethereum (ETH), has fallen below the $3,000 mark. With this, Ethereum’s price struggled to find support amidst the market crash. Despite HODLers’ hopes for a quick recovery, ETH has fallen below the critical level. With a 16.42% drop this week, bearish patterns and signals still show on the Ethereum price chart. 

The overpowering bears have initiated a decline with an evening star formation, aiming to restest the $3,460 range breakdown.

Over the past four days, including a 6% intraday drop, ETH has broken below a long-standing support trendline, falling 16% in total. This decline has also affected major altcoins and meme coins like Solana, DOGE, and SHIB, which have each seen a drop of 15% or more this week. 

With the increasing moment, the trendline breakout has pushed Ethereum (ETH) to its next support level at $2,875. Additionally, this decline has triggered a bearish phase in the MACD and signal lines, now below the zero lines. 

Meanwhile, a whale recently caused a massive stir in the crypto market by dumping 26,600 ETH valued at $82.5 million to repay debt on Aave, resulting in a 3.4% drop in Ethereum’s price. Following this, the whale created a new walley and borrowed 80.9 million USDT from Aavve to purchase 26,235 ETH priced at $3,084.

At press time, Ethereum (ETH) is trading at $2879, reflecting a 9.70% decrease in the last 24 hours.