As the Ethereum price continues to decline, investors are wondering whether the bull market is over. However, there is still an important support level that could set the stage for a recovery. 📉😅

On the daily chart, the price is trending downward within a major bearish channel pattern. In the last few days, the market failed to regain the $3,500 level and fell further after the bearish rejection.

Currently, a decline is expected towards the $3,000 support level, which coincides with the lower boundary of the channel and the 200-day moving average. The combination of these support elements makes $3,000 a strong support zone, but if this level is broken, things could get much worse very quickly. 😱

Traders should also pay attention to the RSI because it has entered oversold territory, which could signal a potential recovery soon. 📈

Analyzing future market metrics can be a great way to complete price analysis for Ethereum. This chart shows one of the future market metrics, Taker Buy Sell Ratio.

This measures whether buyers or sellers are more aggressive in executing their orders overall.

The chart shows that after rejection at the $4,000 level, a large amount of market sell orders were executed in the future market. This indicates that future market traders believe the price will fall further in the short term.

What do you think about this? We are waiting your comments! 🚀👇