Ethereum’s $3,000 Rally Under Pressure: Massive Sell-Off and Weakening Bitcoin Correlation

Ethereum’s recent surge towards $3,000 is facing headwinds as a significant sell-off has emerged, with over 255,869 ETH changing hands. This sell pressure, coupled with a weakening correlation to Bitcoin, puts the ETH price at risk of a downward correction.

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Technical analysis suggests a potential dip to $2,170 if the key resistance level at $2,344 is not breached. However, bullish momentum could still prevail if buyers step in and push the price back above this critical threshold.

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Traders and investors should closely monitor market developments and consider the evolving correlation between Ethereum and Bitcoin to navigate this volatile period.