Ethereum Price Drops 13% to $3,786 as Technical Signals Prompt Selling

Ethereum has experienced a significant decline, plummeting 13% to a price of $3,786. This downturn has been largely attributed to bearish technical indicators that have emerged in the market. The cryptocurrency has broken below several key moving averages, which is often seen as a signal of further price weakness. As a result, selling pressure has intensified, prompting many traders and investors to offload their holdings. The trading volume during this decline reached an impressive $6.8 billion, indicating a high level of activity and concern among market participants. This dramatic shift in Ethereum’s price underscores the volatility inherent in the cryptocurrency market and the impact that technical breakdowns can have on trading behavior.