Woof, $ETH just got absolutely rocked.
That sharp rejection from the $2870 zone, followed by this aggressive dump, tells a clear story.
Bears are definitely in control right now.
We've chewed through several layers of what looked like support with ease.
The sheer size of those red candles, especially the last one, points to significant selling pressure and likely capitulation.
Right now, we're testing the $2500 psychological level. If this doesn't hold, the path of least resistance is likely towards $2400 or even lower.
Bulls need to step up hard and show some conviction here, otherwise, we're looking at a deeper correction. Volume on the downside is definitely something to note.