The Ethereum market experienced a sharp decline, causing investor confidence to shake and raising concerns about a deeper correction. Analysts predict that Ethereum may test the $2,800 support level, which could lead to further declines if broken. The market sentiment has taken a hit, with investors bracing for increased volatility. Despite the bearish sentiment, some see the potential drop as an opportunity to enter the market. Ethereum is currently trading just above the 200-day moving average, which is seen as a long-term indicator of strength. Holding above this level could signal a potential reversal of the downtrend. However, Ethereum must reclaim the $3,300 resistance level to establish a stronger bullish outlook. Losing the $2,988 level could result in increased selling pressure. Traders and investors remain cautiously optimistic as Ethereum navigates this pivotal moment.



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