Ethereum broke down after rejecting $2965, the last level in the $2K's. It looked like ETH was considering another run for $3K, but this was swiftly rejected, and we subsequently sliced through several support levels below. Currently, we are hovering under $2762, which is providing strong resistance. The lack of a buyback from new relative lows is concerning and suggests we are far from 'max pain' just yet. From below, $2651 and $2595 are the next targets. If we are able to see some momentum, we must first break $2762 before considering higher levels, but $3K remains a hard upper bound for now.
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