Ethereum Price Analysis: December 1st Dip Raises Concerns for Short-Term Outlook

Crypto market sentiment shifted towards the negative as Ethereum (ETH) experienced a notable price drop of 7% within the past 24 hours, according to CoinMarketCap. This decline is evident in recent hourly charts showing ETH/USD hovering near its local support level of $2,806. A sustained bounce back before nightfall could prevent a deeper correction; however, if no rebound occurs, this could trigger a breakout towards the $2,750 range.