The second-largest cryptocurrency, Ethereum, experienced a sharp price drop after failing to breach $3,524. Recovery efforts have been weak, but current conditions suggest a comeback as the market stabilizes. Ethereum's Network Value to Transaction Ratio is declining, indicating reduced volatility and creating an environment conducive to price recovery. With healthy network activity and a reduction in selling pressure, Ethereum has an opportunity for gradual recovery. The cryptocurrency needs to break through the critical resistance level of $3,327 to initiate a rally towards $3,524 and potentially target $3,711. Failing to establish support at $3,327 could stall Ethereum's recovery and lead to a retracement towards $3,200.



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