Ethereum's price has declined over 4% to around $2,575, reflecting a broader downturn in the cryptocurrency market. Several factors contribute to this decrease, including a 4.5% drop in open interest (OI) to $31.52 billion, indicating reduced trader confidence and liquidity as investors exit the market. This decline triggered long liquidations totaling $64.6 million, with forced sell-offs amplifying the bearish momentum. Additionally, Ethereum's relative strength index (RSI) readings have surged above 70, signaling overbought conditions that have led to profit-taking pressure. Consequently, the price faces resistance around the $2,600 to $2,800 range, where analysts suggest it must break through to target new highs. Current downside targets are indicated between $2,100 and $2,230, where potential buying opportunities may arise for late investors. Furthermore, Ether's market dominance has reached overheated levels historically associated with significant corrections.

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