ETH Bearish Breakdown! 📉 What’s Next for Ethereum?

Market Update: ETH/USDT Analysis 📢

Ethereum ($ETH) has taken a sharp turn! After a solid run in the ascending channel, we’ve seen a clear breakout to the downside. 🚨

Key Technical Observations:

📉 Shift: ETH failed to hold the yellow support line after hitting a high of $3,308. It has now entered a sharp Descending Channel (Blue lines). 📉

🌀Current State: Trading around $3,159. The bears are currently in control, pushing the price lower with consistent lower highs.

* Support Zone: All eyes are on the $3,131 level. If this support breaks, we could see a deeper correction. 🛡️

⚓Resistance: To regain bullish momentum, ETH needs to break out of the blue channel and flip $3,240 back into support. 🚀

My Strategy: 💡

I’m staying cautious here. Entering a long position while inside this falling channel is risky. I'll be waiting for a confirmed breakout or a strong reversal candle at the major support zone.

What do you think?

Will ETH bounce from $3,130, or are we heading below $3,000? 👇 Drop your predictions below!

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