The ETF fell below 3200 USDT, a 6.48% drop in the last 24 hours.

According to the latest market data released by Binance, a leading global cryptocurrency exchange, the price of Ethereum (ETH) experienced a significant drop in the early hours of today, briefly falling below the key support level of 3,200 USDT (Tether).

As of press time, its cumulative 24-hour decline has reached 6.48%, reflecting a shift towards caution in market sentiment in the short term.

This pullback may be related to the recent increased volatility in the overall cryptocurrency market, including uncertainties in the macroeconomic environment and profit-taking by some investors, leading to a weakening of buying power.

From a technical perspective, the 3,200 USDT level was originally considered an important psychological barrier, and its breach could trigger further short-term selling pressure.

However, as the second-largest cryptocurrency by market capitalization, Ethereum's long-term fundamentals have not fundamentally changed, including the ongoing progress of upcoming network upgrades and ecosystem expansion.

Market analysts point out that although the current trend is bearish, Ethereum has strong support around 3,000 USDT. If buying pressure re-enters the market, it is expected to gradually stabilize and build a foundation for a rebound.