Ethereum has failed to reach a new record and is currently experiencing bearish pressure, causing concern among market participants. 📉 The price is below $3,500, which has become a key resistance.

On the daily chart, it can be seen that the price bounced off $2,300, but $4,000 has proven insurmountable. If ETH remains above the 200-day average, the trend will remain bullish. Otherwise, a drop to $2,000 may occur.

On the 4-hour chart, a double top is forming, indicating a possible correction. The RSI shows bearish momentum, which may lead to consolidation.

Sentiment analysis shows that selling pressure is coming from the futures market rather than the spot market. As long as the Taker Buy Sell Ratio metric is below one, market recovery will be challenging. 🤔