In the recent 24-hour period, there has been an increase in selling interest for Ethereum (ETH) instead of buying. This negative sentiment towards its future may cause the price of ETH to drop below $3,000 soon.

After a rebound last week to over $3,600, Ethereum (ETH) is now facing increased selling pressure. Over the past two days, the price of ETH has fallen below $3,400 once again, indicating a shift towards bearish sentiment.

Concerns arise as Ethereum drops below the critical support level of $3,460, as analyzed by crypto analyst Ali Martinez. This situation poses a challenge to the bullish outlook in the market and could result in further price decreases for Ethereum.

Recent market activity, reported by QCP Capital, shows significant movement in Ethereum (ETH) options trading within the last 24 hours. This surge in options trading has caused downward pressure on the spot price of ETH and maintained high implied volatilities.

Resistance levels for Ethereum are identified around $3,400, $3,420, and $3,450, with a potential move towards the 50% Fibonacci retracement level if these barriers are surpassed. Despite these challenges, Ethereum's on-chain indicators demonstrate strength, with a surge in the number of non-zero Ethereum addresses to an all-time high in recent weeks. This suggests underlying support for the cryptocurrency.