The ongoing crypto market downturn has put Ethereum at risk of dropping to $3,000. With liquidations reaching $850 million, altcoins are facing significant selling pressure. Ethereum has dropped 6.80% in the past 24 hours and is now under increased pressure at the psychological support level of $3,000. The 4-hour chart shows a massive pullback in Ethereum's price trend, with three intense bearish candles bringing it down to $3,050. Bearish speculation is growing as derivatives data indicate a decline in bullish positions. Key Fibonacci levels suggest crucial support at $3,023, and a close below this level could test previous lows at $2,913. However, if Ethereum manages to reverse from $3,023, a rebound could be signaled by a bullish divergence in the RSI.



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