Ethereum price analysis (Bearish) — 3775.00 USDT (-12.77% 24h)

Ethereum is showing significant technical weakness as ETH/USDT trades at $3,775, down 12.77% over the past 24 hours. The current price sits well below both the 20-day SMA ($3,961) and 50-day SMA ($4,195), indicating strong bearish momentum. The RSI reading of 29.15 has entered deeply oversold territory, suggesting potential for a short-term bounce or consolidation. However, with volatility elevated at 4% and substantial selling volume of $6.88 billion, the path of least resistance remains downward. Traders should watch for support around the $3,700 level, which could serve as a critical battleground. Aggressive traders might consider scaling into long positions on further weakness, while conservative investors should wait for confirmation of a bottom formation before entering. Risk management remains paramount given the current market structure.