Overview
- Technical coverage confirms a bearish divergence at roughly $3,400 and a rejection at the value area high, prompting an impulsive pullback.
- ETH is hovering near $3,216, with analysts watching the $3,200–$3,250 zone as the key short‑term floor.
- Bearish scenarios highlight a slide toward $3,209–$3,221 on a breakdown, with some views extending the risk toward high‑time‑frame support near $2,800.
- An alternate view suggests that holding $3,200 could enable a rebound toward $3,400–$3,450, with one analyst flagging $3,230 as a pivot for a cautious bullish bias.
- Market conditions are volatile, with ETH down about 2–3% over 24 hours and roughly $648 million in derivatives liquidated, even as prior institutional and whale positioning are cited as supportive factors.