Expert technical analysis suggests that Ethereum is currently displaying bearish signals and is hovering near a critical support level of $2,850. The market indicators point towards a bearish trend for Ethereum, especially as it remains below the 200 Exponential Moving Average (EMA) on the daily time frame. There is a possibility of Ethereum experiencing a significant decline of over 9% if it closes below the support level of $2,850. However, if Ethereum receives support from bullish traders and manages to close above $3,080 on a daily basis, there is a likelihood of it reaching $3,250. Presently, Ethereum is trading around $2,900 with a recent drop of over 4% in price. The 24-hour trading volume has surged by 30%, indicating heightened investor and trader activity in Ethereum. Over the last 7 days, Ethereum has witnessed a 16% price decrease, while in the last 30 days, it has depreciated by over 20%. The market outlook suggests a delicate balance between bearish and bullish sentiments, with Ethereum's price action closely monitored for potential trends.