🚀Hey BTC enthusiasts! Let's talk about Ethereum's recent market behavior. 📉 Ethereum has been under the hammer, breaking through the 100-day moving average and heading towards the 200-day MA.

🔍Technical analysis shows that sellers have gained control after a period of corrective retracements near the crucial 100-day moving average at $3386. This led to a significant drop towards the 200-day moving average of $3096.

🐻Bearish sentiment is evident, but Ethereum is currently hovering around the $3K support region. It's expected to consolidate before making its next major move. If it pulls back to the broken 200-day MA, the bearish trend could continue.

📊The 4-hour chart shows aggressive selling activity after a period of sideways consolidation above the $3.3K support. However, Ethereum has landed on the substantial support region of $3K, which has previously supported the price multiple times.

🔮Sentiment analysis reveals a rise in selling activity, leading to a significant decline towards the critical $3K support zone. If sellers push the price below the $3K support zone, a massive long-squeeze is expected.

👀Traders should keep a close eye on the price action around the $3K support zone in the upcoming days to determine the cryptocurrency’s trend direction. Keep the faith, BTC lovers! 🚀