Ethereum price analysis (Bearish) — 3511.78 USDT (-5.49% 24h)

Ethereum is showing significant technical weakness as ETH/USDT trades at $3,511, down over 5% in the past 24 hours. The current price sits below both the 20-day SMA ($3,618) and 50-day SMA ($3,740), indicating strong bearish momentum. The RSI reading of 28.76 has entered deeply oversold territory, suggesting potential for a short-term bounce, though traders should exercise caution as oversold conditions can persist during strong downtrends. Volume remains elevated at $3.38 billion, confirming institutional participation in this move. With volatility at 3.73%, traders should prepare for continued price swings. For position traders, accumulation near $3,450-$3,500 support may offer favorable risk-reward, while short-term traders should wait for RSI recovery above 30 before considering long entries. Strict stop-losses below $3,400 are recommended given the current bearish structure.