ETH saw a big dump of 5.5% in a single day, pulling back the rise of $3000, with $500 million in leveraged positions getting liquidated.

[Coin World] This pullback of ETH is quite harsh - it dropped directly by 5.5% in 24 hours and is now struggling around 2840 dollars, the excitement from last week when it just touched 3000 dollars has instantly disappeared.

The entire cryptocurrency market has been affected, with a market value evaporating by over 140 billion dollars. Even worse are the leveraged players, with over 500 million dollars in positions being liquidated. Some leading exchanges and on-chain derivatives platforms have become hard-hit areas.

The technical outlook is not optimistic either: the RSI has fallen to 34, approaching the oversold zone; the signals from the MACD are even more pessimistic, suggesting there may be further downside potential. If the current position cannot be held, the next test point could be the $2623 support level.

However, the market is now waiting for news from next week's Federal Reserve FOMC meeting—if Powell sends some dovish signals, it might just be the time to buy the dip?