ETH plummets, nearly a double-digit decline in 7 days

According to the latest news, Ethereum (ETH) has fallen below 2950 USDT, with the current price at 2949.96 USDT. This price breakthrough has attracted attention, reflecting the recent persistent downward pressure on ETH. Data shows that ETH’s performance over the past week has been particularly poor, with nearly double-digit declines, indicating a clear market correction signal.

Short-term trend deterioration, multi-cycle pressure

According to the latest data, ETH’s recent price trend shows characteristics of multi-cycle decline:

From the data, the pressure on ETH is mainly concentrated over the past week. The 24-hour decline of 4.69% indicates strong short-term selling pressure, while the nearly 10% drop over 7 days reflects a significant market adjustment. In comparison, the 30-day decline of only 3.13% suggests that most of the downward pressure has been released within the last week.

Market fundamentals remain stable

Despite poor price performance, ETH’s market position and trading activity have not shown significant weakening:

• Market Cap Rank: ETH ranks 2nd in the cryptocurrency market cap list, with a market cap of $35.711 billion, accounting for 11.87% of the entire market
• Trading Activity: 24-hour trading volume is $3.02 billion, with a change of 34.79% from the previous day
• Circulating Supply: 120,694,540 ETH in circulation, belonging to an unlimited supply model

From the market participation perspective, although trading volume has fluctuated month-over-month, a daily trading volume of $3 billion indicates sufficient market liquidity, leaving room for a potential rebound.

Technical significance of the price break

Breaking below the key level of 2950 USDT has certain technical implications. In the crypto market, round-number levels often serve as psychological support or resistance for market participants. ETH breaking this level may imply:

• The bears are relatively stronger, and short-term downward momentum is still being released
• Market participants’ psychological expectations have shifted downward
• Attention should be paid to lower technical support levels such as 2900 and 2850

Future focus points

Based on the current trend, several areas warrant attention:

• Support levels: Whether ETH can find support around 2900 USDT, which will determine if the decline continues
• Volume changes: If a subsequent rebound is accompanied by increased volume, it may signal the correction has ended
• Market sentiment: Changes in overall crypto market risk appetite often influence the trend of large-cap coins like ETH

Summary

ETH breaking below 2950 USDT reflects recent market correction pressures. The nearly 10% decline over 7 days indicates significant short-term pressure. However, from fundamental aspects such as market cap ranking and trading volume, the market’s long-term recognition of ETH remains intact. The key now is to observe whether the price can stabilize at lower support levels and the subsequent market sentiment. This correction may accumulate chips for a future rebound or could just be the beginning of a larger adjustment, requiring ongoing attention.