Ethereum has recently slipped below a critical threshold, now trading around $3,393.99 USDT, marking a 5.21 % decline in the past 24 hours—a technical breakdown suggesting growing weakness in the short term CoinDCX+8 Binance+8 Binance+8. The drop follows sustained rejection attempts near the $4,000 resistance level, with sellers emerging around $3,900 and exerting downward pressure on ETH’s momentum CryptoPotato.
Technical indicators, including MACD and RSI, are flashing oversold signals, pointing to elevated bearish sentiment and potential for further downside if $3,600 support is breached Binance. Additionally, institutional and whale selling activity has heightened, with significant net outflows—exceeding $113 million—adding to the bearish weight in the markete conomictimes.indiatimes.com+10 AInvest+10 Brave New Coin+10
Despite the near-term pressure, bullish fundamentals remain intact. July saw ETH rally over 15 %, outpacing Bitcoin as spot Ethereum ETFs continue to attract institutional capital. Some analysts highlight a bullish RSI divergence relative to BTC, suggesting that a rebound within the next range cannot be ruled out bitcoinke.io
Summary:
Ethereum has broken below the $3,400 support level with a swift 5 % drop, driven by both technical exhaustion and elevated outflows. With short-term momentum skewed bearish, immediate support zones lie between $3,400–$3,350—a breach of which could push ETH toward $3,300 or lower. While trader sentiment is cautious, the broader narrative around ETF inflows and on-chain strength provides a potential stabilization catalyst in the medium term.
#Ethereum #ETH #CryptoMarket #BinanceData #TechnicalAnalysis