3% Drop in Ethereum Price Could Push $800M Worth of ETH Underwater

Ethereum price has been volatile for the last few weeks, creating optimism and fear among market participants. The asset recently grazed $3,600 before retracing down and settling near a zone of major support. The market remains uncertain about the next price movement. On-chain analysis reveals over $800 million worth of ETH could go underwater if the asset loses its current support. Technicals suggest mixed sentiment with a slight bias to the downside.

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