Ethereum (ETH) has seen a sharp decline, dropping below $3,300 USDT with a 3.53% decrease in the last 24 hours. This downturn comes as the broader crypto market appears to be under selling pressure. Key points to consider:
1. Support Levels:
The next immediate support zone for ETH could be around $3,200. If this level fails to hold, the price may test the $3,000 psychological level.
2. Resistance:
On the upside, ETH needs to reclaim $3,400 to regain bullish momentum and target higher levels like $3,500 or beyond.
3. Market Sentiment:
Broader market trends and Bitcoin’s price movement will likely influence ETH's trajectory. Ethereum's current decline mirrors a potential shift in investor sentiment toward risk-off behavior.
4. Volume and RSI:
Declining volumes and oversold conditions (if RSI dips below 30) might signal a reversal or consolidation soon.
If you're trading ETH, it’s essential to manage your risk, considering stop-losses at critical levels. This drop may present an opportunity for long-term investors if support levels are respected.