🚀Hey there, BTC enthusiasts!🚀 Let's take a quick detour and check out what's happening with Ethereum (ETH). Recently, ETH has been facing a bit of a slump, failing to break through the $4,000 resistance level and even dipping below the 200-day moving average around $3,100. 😱

On the daily chart, ETH has been making lower highs and lows, and it seems like it's getting rejected to the downside. If things continue this way, we might see ETH drop towards the $2,700 support level in the short term. 😬

Zooming in on the 4-hour chart, the downtrend has intensified, with ETH briefly breaking below the $3,000 support level. However, after an oversold signal by the RSI, the price has bounced back above this zone. But don't get too excited - the price seems to lack the momentum to keep climbing and might be heading for a deeper decline towards $2,700. 😓

Meanwhile, on-chain analysis shows an increase in the Ethereum Exchange Reserve metric, indicating potential selling pressure. This increase, following the recent dip below $3,000, could signal the beginning of a capitulation phase. 📉

But hey, don't let this get you down! Remember, we're all about BTC here, and we're still bullish on that front! 🚀🌕 Keep your eyes on the prize, folks!