ETH formed a sharp bearish candle on the 4-hour frame immediately after hitting the 3100-3030 supply zone, which clearly showed the strength of the selling pressure. The sequence of falling peaks remains, and the clear break above the 2900 level with increased trading volume confirms that the decline is real and not just a quick corrective movement.

The price is currently testing the 2850-2820 support level, but the buying momentum is weak. The 2750-2780 point area has greater liquidity and is considered an appropriate level for rebalancing if it continues to decline.

External factors also contributed to the pressure: rising U.S. bond yields, the possibility of continued tightening by the Federal Reserve, negative news from the SEC, and massive currency moves to exchanges.

The most likely expectation is that the decline will continue to 2780-2750 points, and then there will be a significant rebound, and a 4-hour closing above 3030 points may change the short-term pattern.

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