The recent trends in the Ethereum spot market ( ETH USDT ) are thought-provoking. The previously mentioned attempt to break through high levels was unsuccessful, and under the influence of negative news, the ETH price fell below the 2700 mark, temporarily putting aside the vision of challenging the 3000 barrier in the short term. After showing weakness at high levels, the price experienced a rapid decline during the day, with the gains accumulated over several days almost entirely pulled back in just one day.

The market trend clearly shows that during the panic selling of short-term long positions in ETH, retail investors and latecomers faced severe stampedes. The higher the enthusiasm for chasing the rise in the earlier stage, the more intense the decline during the downturn.

From a broader perspective, Ethereum is still operating within an ascending channel. Although the pullback speed has exceeded expectations, there is indeed a considerable amount of buying support gathered at the edge of the downward channel.

On the hourly level, the market shows characteristics of a rebound after being oversold, with a noticeable contraction in trading volume. It is recommended to pay attention to whether there will be an increase in trading volume during the evening US stock trading session, while closely observing the specific price behavior when the price tests around 2450 again.

Key price levels that investors should focus on:

Support zone:
- Primary support: 2450-2480
- Secondary support: 2350-2380
- Last line of defense: 2310-2320

Resistance zone:
- Primary resistance: 2550 (currently being tested)
- Secondary resistance: 2580-2600
- Strong resistance: 2640-2650

Market volatility has intensified, and investors are advised to remain cautious, manage risks effectively, and wait for clearer directional signals in the market.