Ethereum’s price recently dropped by nearly 8%, decreasing its market cap to approximately 400 billion USD. The Relative Strength Index (RSI) for Ethereum hit 27.1, indicating oversold conditions and highlighting weak market sentiment as the bearish momentum intensifies.

The Average Directional Index (ADX) suggests a strong downtrend, with prevailing bearish momentum. There’s a potential risk for a ‘death cross’, which could lead to further declines in ETH’s value. However, if Ethereum can overcome a resistance level at 3,448 USD, it might pave the way for a rally.