The price of Ethereum (ETH) has dropped below $3,500 due to the decline in Bitcoin (BTC) which has fallen below $96,000. Ethereum is currently holding on to its $400 billion valuation while Bitcoin's market cap dips below $2 trillion. There is speculation on whether Ethereum's price will continue to fall and test the $3,000 mark. Over the past week, Ethereum has dropped by 12.44% and is currently facing selling pressure. Ethereum ETFs have experienced a significant outflow of funds, with Grayscale selling a large amount of Ethereum. Despite this, Donald Trump's World Liberty Finance has purchased 722 ETH tokens. Whales in the market are also turning bearish and selling their Ethereum tokens. The overall market trend is bearish, and Ethereum's price is facing increased selling pressure. Important support levels to watch are the 200 EMA line at $3,035 and the 50% Fibonacci level at $2,942, while a potential recovery in the broader market could lead Ethereum to challenge the 78.60% Fibonacci level at $3,530.



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