The article discusses Ethereum's current price action and potential future movements. Ethereum has experienced a drop in price and broken below the $3,200 support level, leading to a negative seven-day return of 5.12%. The price trend suggests a pullback to the $3,100 support level, and there are signs of a bearish reversal. However, the 200-day EMA line and bullish divergence in the RSI indicate a possible bullish comeback. The derivatives market shows a rise in bearish speculations, with a decrease in open interest and a growing number of bearish positions. U.S. Ethereum spot ETFs have also seen net daily outflows, contributing to the bearish trend. Despite these negative signals, there is still the possibility of a bounce, with potential price targets at the 23.6% Fibonacci level at $3,557 or the $4,000 psychological level. A breakdown below $3,137 could bring the $3,000 psychological level into focus.



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