Ethereum experienced a sudden downturn, dropping over 30% in under 24 hours, driven by U.S. trade war fears affecting the crypto market. The event raised concerns about Ethereum's long-term trend, emphasizing the importance of the $2,700 support level.
Analyst Ali Martinez highlights a head-and-shoulders pattern that, if confirmed, necessitates maintaining above the $2,700 mark to prevent further decline. Failure to hold could delay ETH's potential rally towards $7,000.
The crypto market saw over $2 billion liquidated, with Ethereum losing 37% since last Friday. The next days will decide if Ethereum recovers or continues declining amid market fears and volatility.