Ethereum Trading Below $3,700 Amid Bearish Market Pressure

Ethereum is currently trading below $3,700, facing bearish momentum and struggling to maintain key demand zones. Despite attempts to rebound, it has not reclaimed vital resistance levels, raising concerns over a potential correction.

Key points include:

• Institutional adoption and network growth support long-term bullish sentiment.
• Ethereum Net Taker Volume shows a sharp negative at -$418.8 million, indicating strong sell-side pressure.
• Approximately 115,400 more ETH were sold than bought, reflecting bearish trader sentiment.
• Current price is $3,624.67 after volatility and failed breakout attempts.
• Critical resistance level stands at $3,860.80; failure to reclaim may lead to a retest of $3,360 support.
• Long-term moving averages indicate an upward trend, but short-term action displays bearish bias with lower highs.

Market participants are advised to monitor Ethereum's ability to stabilize and hold key support levels in the near term.