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Ethereum traded lower over the last day while trader chatter turned upbeat. ETH trades near $3,230 after a 4% drop in the past 24 hours, according to data from CoinMarketCap. The token moved between $3,195 and a failed breakout near $3,400 in the same period, which marked a range of about $200, indicating high volatility.
Intraday moves pointed to active selling pressure, with early attempts to hold $3,340–$3,360 fading as sellers continued to dominate the market. A sharper decline followed in the mid-session toward $3,220, which suggests ETH is currently in a bear market.
Traders continue to watch $3,200–$3,220 as immediate support. A breakdown could open $3,050–$3,100, a prior consolidation zone. On the upside, $3,350–$3,400 remains the resistance after a failed breakout. Clearing that band would bring $3,500–$3,550 into view.
Moreover, ETH trades about 34.6% below the all-time high of $4,953 reached on Aug. 24, 2025, which places the market in a mid-cycle correction.
On social platforms, trader bias toward Ethereum price turned positive after a bounce that nearly reached $3,500 on Thursday, according to Santiment’s data. Enthusiasm rose as traders framed the recovery as a sign that ETH could regain momentum if the price reclaims resistance zones.
However, broader crypto sentiment shows weak sentiment. The Crypto Fear & Greed Index is nearly in “Extreme Fear” levels at a low of 21. Analysts linked the caution to macro risks and trade tensions. The gap between upbeat Ether chatter and a fearful market sets a mixed backdrop.
Institutional headlines added to Ethereum price sentiment. Ark Invest’s Cathie Wood trimmed the firm’s bullish Bitcoin target to $1.2 million by 2030, citing the rapid growth of stablecoins in emerging markets.
Even so, Ark increased exposure to Ethereum-focused assets by buying 240,507 shares in Bitmine Immersion (BMNR), a company focusing on an Ethereum treasury strategy led by Thomas “Tom” Lee. This indicates confidence in Ethereum’s role within digital asset portfolios.
In addition, ETH treasury balances face drawdowns as prices trade below recent purchase levels. Filings and market data show average entry prices around $4,037 per ETH for Bitmine and $3,609 for Sharplink. With ETH near $3,231 at the time of writing, these positions show unrealized losses.
Yet accumulation continues to grow, including a new $70 million Ether buy by Bitmine this week. If $3,200 support holds and ETH reclaims $3,350–$3,400, treasuries could see relief. Nevertheless, a break lower would keep attention on $3,050–$3,100, and, while a deeper bearish move, the price could drop to $2,900 levels.
