The price of Ethereum has dropped below $2,310 due to heavy selling pressure, leading to concerns of a deeper correction in the broader crypto market. Analysts are now focused on the crucial $2,000 support level, which could determine Ethereum's next move. The falling channel pattern suggests continued weakness unless buyers regain control. Some traders anticipate a bullish swing based on the derivatives data, but technical indicators show increasing selling pressure. Despite the bearish trend, there are signs of optimism, such as a Wyckoff accumulation pattern in Ethereum's weekly chart and a bullish divergence in the three-hour chart. Additionally, the put-to-call ratio and key strike levels in derivatives data indicate bullish sentiment and expectations of price recovery.



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