Ethereum ($ETH ) has experienced a sharp drop of over 8%, plunging to $2,456.97, driven by significant selling pressure. The 1-hour chart reveals a steep downtrend from the $2,820 mark, with a temporary support found at $2,392.96.

The RSI has plunged to 19.67, indicating oversold conditions, but the lack of buying interest suggests a cautious market. The MACD is deeply in bearish territory, reinforcing the negative sentiment. Volume spikes during the sell-off further confirm the strong bearish momentum. While there’s a minor recovery attempt, the overall outlook remains bearish unless a decisive reversal occurs.

Traders should watch for potential support levels to gauge any rebound possibilities.