Ethereum is exhibiting a head and shoulder pattern, indicating a potential decline to $2,400 if the $3,000 resistance level is breached. Currently trading at $2,933, Ethereum has seen a 2.53% decrease today. Analysts, including Ali Martinez and Ted Pillows, suggest a retest of the $2,700-$2,800 range is likely if the $3,000 level fails to hold. The cryptocurrency has fluctuated between $2,800 and $3,400 over the past month, with a 28.76% drop in Q4. The fear and greed index reflects increasing bearish sentiment, suggesting further downside risk. Sjuul from AltCryptoGems also anticipates a potential move to $2,600-$2,700. Altcoins may experience additional pressure if Ethereum breaks its key support levels.