Ethereum price is declining after being rejected from the $4,000 resistance level. The selling has intensified in the last 24 hours and the bears seem to be targeting the important resistance level of $3,000. 📉

The daily chart shows that the price has fallen below the $3,600 level and is quickly approaching the $3,000 support zone. The 200-day moving average is also at $3,000, further increasing the importance of this level.

The Relative Strength Index has fallen below 50%, indicating that the momentum has turned bearish. If the $3,000 level collapses, things could get ugly for ETH as the price is expected to drop to the $2,800 or even $2,200 region.

Looking at the 4-hour timeframe, the price started to make lower highs and lows after being rejected from the $4,000 resistance level. However, the RSI has fallen below 30%, indicating that ETH is oversold on the 4-hour chart. Therefore, a retracement from the trend line or the $3,000 level is still possible. 📈

Ethereum price has failed to surpass $4,000 and has been trending towards a new all-time high before falling and futures market sentiment is weakening. Currently, financing rates fall as the price falls. While this shows that sentiment is slowly changing, it may not be bad for the price. This could be due to the possibility of a long liquidation cascade or the size of a potential one as the futures market cools.