The price of Ethereum (ETH) has experienced a correction after peaking at $3,443. It currently trades at $3,063, representing a 3% decline in the past 24 hours. The decrease in price has been accompanied by a drop in trading volume, suggesting weakening momentum and a potential end to the bullish trend. Ethereum's open interest has also fallen, indicating that traders are closing positions to secure profits or limit losses. If market activity remains subdued, ETH could test the support level at $2,942, with a failure to defend this level potentially leading to a deeper decline. However, an improvement in market sentiment and renewed demand could drive a rebound and push the price past resistance levels towards the previous peak.



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