Ethereum Prices Drop Over 9% as Market Faces Increased Selling Pressure

Ethereum (ETH) dropped over 9% in a few hours amid a broader cryptocurrency market decline, leading to concerns about further corrections. Currently priced at $3,050, ETH is above the 200-day moving average of $2,988, which is key for potential recovery.

Analyst Carl Runefelt indicated that ETH might test the crucial support level of $2,800 if the downturn continues.
Market sentiment is bearish, with many investors anticipating increased volatility.
Holding above the 200-day moving average could signal a possible trend reversal.
Reclaiming the $3,300 resistance level is essential for bullish momentum.
Losing the $2,988 level may trigger further declines.

The next 24 to 48 hours are critical for Ethereum's price action, as maintaining support levels will be vital for restoring investor confidence.