Ethereum Dips to $3,300, Eyes on $2,400 Next?

• Ethereum drops 16%, erasing all 2025 gains.
• Price hits $3,300, technicals suggest more downside.
• Bearish target set around $2,400, risk extends to $2,200.

Ethereum (ETH) plunged sharply on Wednesday, falling over 16% in just a single day. The drop dragged ETH down to the $3,300 level, effectively wiping out all of its gains made in 2025 so far. For a cryptocurrency that started the year on a bullish note, the recent pullback marks a worrying shift in sentiment.

This downturn has reignited bearish momentum in the crypto market. Ethereum’s Year-To-Date (YTD) performance is now flat, making investors question whether the bull run is truly over or simply facing a temporary correction.

Bearish Patterns Hint at Deeper Fall

Technical analysts are pointing toward a bearish pennant formation on Ethereum’s price chart. If the pattern plays out, ETH could be headed toward a key target near $2,400. This level has acted as a major support zone in past cycles and could be tested once again if bearish pressure continues.

More cautious traders are even eyeing a further decline toward $2,200—a zone that could be triggered by wider market corrections or macroeconomic uncertainty.

While no pattern guarantees a move, the recent price action adds weight to these downside targets. For now, Ethereum must hold above $3,000 to prevent further panic selling.

What’s Next for Ethereum?

Investors and traders will be closely watching for a bounce or stabilization above $3,000. A failure to do so may validate bearish predictions and open the door for further dips. On the other hand, a strong rebound could invalidate the bearish pennant and restore confidence in Ethereum’s long-term uptrend.

Market sentiment remains cautious, with many sitting on the sidelines to wait for clearer signals. With volatility back in full swing, Ethereum’s next moves could reshape the crypto landscape in the short term.