ETH spot volume plummets, analysts see potential drop to $3.6K

A sharp decline in ETH spot trading volume suggests the price could fall to $3,600 before a potential rebound, Cointelegraph reported, citing data from Glassnode. According to the report, spot demand for ETH has cooled significantly, with trading volume plummeting 85% from $18.5 billion on Aug. 22 to $2.6 billion on Sept. 8. From a technical perspective, the ETH/USD pair is currently retesting the lower trendline of a symmetrical triangle on its daily chart at $4,280. A daily close below this support level could trigger a drop to the $3,600 mark. Analyst Ted Pillows added that a large supply zone exists between $3,600 and $4,000, suggesting the price may first decline to absorb this selling pressure.