The price of Ethereum (ETH) has experienced a significant drop of 16.93% in the last 24 hours, reaching a low of $2,159.28 before a slight recovery to $2,574.83. This decline is reflective of the broader market downturn, with the cryptocurrency's market capitalization standing at $310.15 billion. The increase in trading volume and market cap ratio indicates heavy sell-offs and bearish sentiment. Ethereum faces immediate support at $2,200, and if this level is broken, it could slide further towards $2,000, triggering panic selling. On the other hand, breaking above the resistance level of $2,800 could lead to a rally towards $3,000, but this would require strong buying momentum and improved market sentiment. The Relative Strength Index (RSI) and moving averages suggest a persistent bearish outlook, and the bearish crossover between the 50-day and 200-day moving averages indicates prolonged downside risk. The Chaikin Money Flow (CMF) indicator reflects weak buying interest, and Ethereum's future depends on its ability to hold above the critical support level of $2,200.



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