Ethereum price analysis: ETH falls below $3,000, expected to move lower

TL;DR Breakdown Ethereum price analysis suggests drop to $2,500The closest support level lies $2800ETH faces resistance at the $3000 mark The Ethereum price analysis shows that the bears dominate the asset’s price action as ETH observes a downwards breakout from the consolidation channel. However, despite observing a  7.5 percent drop, the bearish pressure has not declined but shows further downwards movement for the price action.  The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include Elrond and EOS recording a 6.89 and a 6.42 percent decline respectively.  Ethereum price analysis: Bears dominate the market Technical indicators for ETH/USDT by Tradingview Across the technical indicators, the MACD is currently bearish as exhibited by the red histogram showing seller dominance at press time. The indicator observed a bearish crossover four days ago and has remained red since. In the last 24-hours, the bearish momentum shows signs of declining as ETH found support at the $3,000 mark, however, as the support crumbled, the momentum has increased again.  The EMAs are currently moving downwards showing strong selling activity in the markets. The 12-EMA is currently moving with a steeper slope suggesting further divergence from the 26-EMA.  The RSI has remained neutral for the last ten d...