The Ethereum price is struggling to reach a new record high and is currently in a downtrend. 📉 The $3,500 level has become a major resistance line. On the daily chart, the price, which has been in an uptrend since early November, has been rejected from the $4,000 resistance area. Now, a drop towards the $3,000 support area is expected. As long as it stays above the 200-day moving average, the general trend is positive.

On the 4-hour chart, it is seen that the $4,000 level has failed to be broken twice and the $3,500 level has been broken. The RSI indicator also points to bearish momentum. The market may consolidate before recovering. Taker Buy Sell Ratio shows that selling pressure is effective in the futures market. As long as this metric is in decline, it may be difficult for the market to recover. 🔍