Ethereum Price Slides Below $3,300 and $3,200, Down 3.11%
On November 7, Ethereum price on OKX first dipped below $3,300 to $3,298.26, then slid further under the key $3,200 support, trading at $3,198.06. This represents a marginal 0.07% drop followed by a sharper 3.11% intraday fall. The ETH price drop reflects broader crypto market profit-taking and shifting investor sentiment. Traders have placed increased sell orders, pushing Ethereum lower against the dollar. Market participants will monitor on-chain indicators and macroeconomic signals to see if ETH price can reclaim $3,200 or face more downside. Support levels to watch include $3,280 and $3,200.
Bearish
The extended drop below both $3,300 and $3,200 signals increasing selling pressure. In the short term, traders are likely to remain cautious, eyeing the breached support for potential bounces or further declines. Over the longer term, sustained weakness below these levels could indicate a bearish trend until strong buying interest emerges. This news is therefore categorized as bearish.