Ethereum has seen a significant drop in price, falling to 3,197 USD. The decline was influenced by rising selling pressure but reduced selling activity among traders suggests a stabilizing market, which is a positive sign for potential recovery.

With the profitability of ETH holders decreasing from 33% to 14%, fewer investors are cashing out. To regain momentum, Ethereum needs to breach the 3,327 USD support level, otherwise, it may challenge the lower support at 3,028 USD.