On Tuesday, Ethereum plunged to a low of $3004, and is currently quoted at $3,470, a decline of 15.7%. The hashrate of the entire Ethereum network is 642.84TH/s, the transaction volume on the 24h chain is 2,104,234ETH, and the number of 2.0 deposit contracts is close to 7.5 million, worth nearly 30 billion U.S. dollars. Financial blog Zero Hedge: Ethereum's rapid decline was triggered by the transfer of the NFT boom to Solana. Economic Times of India: Indians are abandoning BTC in favor of ETH.
From a technical point of view, Ethereum’s daily graph closed with a huge bearish candle, and the market panicked. Ethereum stopped it’s drop at around $3000. H4 graph shows retracement, but the momentum of the correction is limited. The moving average form Death Cross and bearish divergence, and the MACD volume energy column tends to be below the 0 axis. Overall prioritize Selling at high prices on the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 3400.
Resistance：3500-3580-3660
Support：3400-3320-3150
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