Recently, the Ethereum ( ETH ) market has shown worrying signs. An analysis of the 1-hour Candlestick Chart reveals that the MACD indicator shows a death cross, and the green histogram is rapidly expanding, which is typically seen as a bearish signal.

At the same time, on-chain data shows that some large holders began to sell off significantly when the price of ETH reached a high of around $2480. The inflow of ETH to exchanges surged by 300%, further exacerbating market uncertainty.

The global economic situation is also putting pressure on the cryptocurrency market. Recent hawkish remarks from Federal Reserve officials suggest that the interest rate hike cycle may not be over, leading to a significant drop in US tech stocks. Due to the high correlation between the cryptocurrency market and traditional financial markets, this downward trend may affect the performance of ETH.

On the technical side, the Bollinger Bands indicator shows that the price is being suppressed by the upper band at (2471 USD, currently hovering around 2442 USD. The upper side faces resistance from the MA7 moving average at )2444 USD, while there is support from the MA30 moving average at (2431 USD below, forming a narrow trading range. The MACD indicator's DIFF at )15.52( and DEA at )21.29( lines are sharply declining, with the green histogram reaching -11.54, further confirming the strength of the downward trend.

It is worth noting that a large number of positions collateralized by ETH on DeFi lending platforms are at risk of liquidation. If the price of ETH falls below $2420, it could trigger a series of forced liquidations, further exacerbating the price decline.

Considering the current market conditions, the price movement of ETH may face two scenarios: if it can hold the support at $2431, it may attempt to rebound to the range of $2460-$2470; if it breaks the support, it may drop to around $2414 or even $2380.

In this highly uncertain market environment, investors should remain vigilant, closely monitor market trends and the behavior of large players, and develop reasonable risk management strategies.