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VIP Market Trends: $ETH
$ETH has lost the upward trend line after a sharp sell-off.
The price faced resistance near $3,400 and quickly dropped to the $3,000–$2,980 support zone.
This volatility followed a market-wide sell-off and long liquidation wave.
As long as ETH remains below the $3,150–$3,200 range, downward pressure will dominate.
A quick recovery of the technical structure is needed, or it will enter a distribution phase.
In a bear market, the daily support levels are around 2980; if it cannot hold, then 2950, 2770, 2400.