🔷On October 4, Ethereum’s price fell to its yearly opening level of $3,330, triggering more than $484 million in long liquidations. The asset dropped below $3,000 for the first time since July, effectively erasing all gains since the start of the year. Caution among derivatives traders has intensified the selling pressure, while technical analysis indicates the formation of a bearish pennant with a target zone near $2,400.
🔷Analysts note that maintaining support in the $2,800–$3,000 range will be crucial for recovery. A breakout above $3,400 could pave the way toward $3,700–$4,000, whereas a loss of $2,750 would reinforce the bearish outlook. The Ethereum market is entering a phase of uncertainty, where the balance between bulls and bears will determine the next major trend direction.