ETH Drops Below $3200 as Market Enters Short-Term Correction
Latest market data shows Ethereum (ETH) has broken below the critical $3200 support level, hitting a low of $3198.69 with a 3.4% drop over 24 hours. This pullback comes amid rising caution in investor sentiment, highlighting intensifying short-term volatility.
What’s Driving the Decline?
The drop isn’t isolated—broader crypto markets face pressure from tightening macro liquidity expectations. On-chain analytics reveal increased large-volume transfers, suggesting some long-term holders are taking profits, adding to selling pressure.
- RSI has entered neutral territory, opening potential for a technical rebound
- Trading volume has slightly risen, indicating ongoing market engagement
- Next key support sits at $3150; a break could lead to deeper correction
Traders should closely monitor price action over the coming hours. Implementing disciplined risk management and maintaining flexible positions will be crucial in navigating this volatile phase.