Ethereum's price recently fell below $3,000, reaching a low of $2,920. However, it quickly rebounded to the $3,100-$3,200 range, demonstrating the cryptocurrency's resilience.
The fall breached a key support level between $3,066 and $3,160, where approximately 4.12 million addresses held 4.9 million ETH.
Current price actions resemble a pattern from 2021, which led to Ethereum's all-time high. Observers note a multi-month inverse head and shoulders pattern forming.