ETH drops below 3100, is this a correction or the start of a larger decline?

Ethereum (ETH) has fallen below the key support level of 3100 USDT in the latest market行情, with the current price at 3098.72 USDT. This widely watched psychological threshold has been breached, prompting market participants to consider the future走势. As the second-largest cryptocurrency by market cap, ETH’s price fluctuations often influence overall market sentiment.

Limited Price Decline, but Breach of Support Level Worth Noting

According to the latest data, ETH’s performance across different timeframes is as follows:

From the data, short-term declines are modest, with only a 0.05% drop within 24 hours. However, the key point is that the 3100 USDT psychological level is often regarded as an important technical support. Losing this level could indicate a shift in market sentiment, warranting close attention from investors.

Market Trading Volume Surges Significantly, Participation Increases

Notably, ETH’s trading volume over the past 24 hours reached $1.726 billion, a 148.34% increase from the previous day. A sharp rise in trading volume typically reflects increased market participation. Whether during an upward or downward move, high volume indicates consensus on price changes.

In terms of market capitalization, ETH is valued at $37.478 billion, accounting for 12.13% of the entire cryptocurrency market. As the second-largest cryptocurrency by market cap, its price performance often sets an example for the broader market.

Key Points for Follow-up Observation

Stability of the 3100 support level

After breaching the psychological threshold, the market needs to observe whether ETH can quickly regain this level or if it will continue downward to find new support. This will determine whether the subsequent movement is a short-term correction or a larger retracement.

Sustainability of trading volume

Whether the current high trading volume can be maintained is also an important reference for trend judgment. If volume rapidly diminishes, it may indicate that this is merely a short-term technical adjustment.

Summary

While ETH’s drop below 3100 USDT is not large in magnitude, losing a psychological level carries psychological significance. The current surge in trading volume reflects market attention to this price zone. The key follow-up is whether ETH can re-establish itself above 3100, which will directly influence market expectations for the next走势. For investors, this zone warrants ongoing关注.