Ethereum Analysis: Critical Support Test

$ETH
$ETH is testing a crucial support level at **$2,850** after breaking below the previous support at $3,200. The current weakness stems from two main factors:

1. Spot ETF Pessimism - Market expects rejection by May 23 deadline
2. Broad Market Pressure - Bitcoin's struggle below $60,000 dragging down entire sector

Technical Setup:

· Resistance: $3,150-$3,200 (previous support now resistance)
· Critical Support: $2,850 (must hold to prevent deeper drop)
· Next Support: $2,700 if $2,850 breaks

Chart Perspective:

```
ETH/USD Daily
|
$3,200|─────────────▼─────────────
| │ Resistance
| │
$3,000|──────────────┼────────────
| │
| │
$2,850|──────────────★──────────── Critical Support
| │
| │
$2,700|──────────────┼──────────── Next Support
| │
```

Near-term Outlook:

· Bearish if price stays below $3,150
· Critical whether $2,850 holds
· Break below $2,850 targets $2,700

The Dencun upgrade success provides long-term strength, but short-term sentiment remains weak until ETF clarity emerges.

$ETH
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