Ethereum ($ETH ) has recently experienced a significant downturn, with a 24-hour price drop of 7.631%.
The price fluctuated between 2436.98 and 2773.21, indicating high volatility.
Currently, ETH's price is nearing the lower Bollinger Band at 2414.67, suggesting potential oversold conditions.
Given the prevailing downtrend, anything below 2436.98 may test stronger support levels.
Macroeconomic factors, such as inflation and regulatory news, continue to weigh heavily on the broader crypto market but remain undefined for Bitcoin, diminishing its influence on ETH movements.
Traders might consider adopting a short-term approach due to the observed volatility.
Keep an eye on upcoming economic announcements as these could provide crucial direction for ETH price action moving forward.
