The given content provides an overview of the current state of Ethereum (ETH) in the market. It mentions that ETH has experienced a 9.40% decline in the past 24 hours, with a decrease in market capitalization by 9.41%. However, trading volume has increased significantly, indicating heightened market activity.

The content states that Ethereum's circulating supply remains constant at 120.47 million ETH and highlights the net outflows of $86.79 million from Ethereum spot ETFs, suggesting persistent selling pressure.

Technical analysis suggests that Ethereum faces immediate resistance at $3,620, with potential support levels at $3,300 and $3,200. The RSI indicator indicates oversold conditions, potentially signaling a reversal, but the broader market volatility is reflected in the RSI average.

The moving averages further confirm the bearish trend, with the 9-day moving average crossing below the 21-day moving average. This crossover suggests continued downward pressure unless the trend reverses quickly. Traders should watch for a potential "death cross," indicating a longer-term downtrend.

However, the oversold RSI levels provide hope for bullish traders, as a recovery in RSI above 30 could trigger a short-term price rally. Breaking below $3,300 could deepen losses, while surpassing $3,620 resistance may revive bullish sentiment.

Overall, Ethereum's price remains under pressure due to bearish technical indicators and ETF outflows, but there is a possibility of a rebound based on oversold RSI levels. Traders should exercise caution and monitor key levels for potential market direction.



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