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Ethereum's (ETH) price has plummeted over 20% in the past 24 hours, falling below the critical $3,000 threshold and key support levels at $2,800 and $2,650.
Key Points:
1. 20% price drop: ETH's price has fallen sharply, with $531 million liquidated in the past 24 hours.
2. Bearish momentum: ETH has broken below the 50-day and 200-day SMAs, confirming a trend shift.
3. Oversold conditions: The RSI has dipped to 28, indicating oversold conditions, which could hint at a potential relief rally.
4. Critical support levels: ETH is consolidating losses above $2,300, but the broader trend remains bearish.
What's Next?
1. Bullish scenario: If ETH reclaims $2,800 support, it could signal a reversal, with a potential target of $3,000.
2. Bearish scenario: If ETH falls below $2,400, it may trigger stop-loss orders, pushing prices toward $2,200 or lower.
3. Long-term outlook: Vitalik Buterin's 2030 vision for Ethereum outlines an ambitious roadmap, focusing on scalability, security, and decentralization. 4 replies
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