Ethereum's price has once again failed to break the $3,000 resistance level, trading around $2,950 and signaling potential downside risks. Analysts highlight the importance of reclaiming $3,070 to avoid testing the $2,600 demand zone. The current price action suggests a tight consolidation range, with bulls and bears eyeing breakout zones. Analysts note that Ethereum's price is compressing, which could lead to a significant move depending on the breakout direction. The $3,400-$3,600 range remains a strong resistance barrier, and failure to defend current levels could see ETH drop back to the $2,600-$2,700 support area. Historical patterns suggest a potential 20% decline if the bearish trend continues, with the 200-day moving average acting as a critical resistance point.