Technical Breakdown: Ethereum (ETH) Under Extreme Pressure as Bearish Momentum Spikes
1. Price Drop: ETH is down {-7.91\%} today, slightly worse than BTC. 🔻
2. Strong Trend: The chart shows an aggressive bearish trend. 📉
3. MAs Confirmation: Price is well below all key Moving Averages (MAs). 🐻
4. Major Support Test: Currently defending the {\$2,623} low. 🛡️
5. Next Target: If \$2,623 breaks, the next major support is near {\$2,400}. 🎯
6. MACD Signal: Deeply negative MACD confirms high selling momentum. 💨
7. RSI Status: RSI is nearing {32}, very close to the oversold region. ⚠️
8. Selling Pressure: Recent price drop supported by {elevated selling volume}. 🔴
9. Crucial Resistance: Must reclaim {\$2,800} (MA(7)) for short-term relief. ⬆️
10. Market Context: ETH is largely {mirroring} the BTC sell-off and ETF outflows. 👯
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