Ethereum’s price dropped below $3,000 due to increased selling pressure in spot and derivatives markets. Despite a 4.6% drop in 24 hours and 10% over the last week, trading volume increased by 58%. Derivatives volume rose 65% to $74.9 billion, with open interest decreasing by 2%. ETF outflows impacted price, but on-chain data shows limited selling pressure. Technical analysis suggests a key support area at $2,900-$2,950, with a break below potentially leading to further drops. Recovery above $3,000 could strengthen the technical structure and lead to a move towards $3,200.

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