The article discusses the challenges faced by Ethereum as it struggles to reclaim the $3,500 level, which is crucial for reaching $4,000. The worsening market conditions are contributing to the altcoin's difficulties and reducing the likelihood of a near-term recovery, causing uncertainty among investors. The recent Ethereum network transactions have been dominated by losses rather than profits, with investors panic selling their holdings. This behavior reflects a lack of confidence among investors and contributes to increased volatility, making it harder for Ethereum to stabilize. The Liveliness indicator is at a two-year high, suggesting significant activity among long-term holders, but their priority seems to be profit-taking rather than supporting recovery. Ethereum's current price is $3,402, holding above the support level of $3,327 but failing to break the resistance at $3,524. The article concludes that Ethereum is likely to continue consolidating or experience a drop, potentially pushing it to test the $3,000 level. However, if $3,524 becomes support, Ethereum could reach $3,721 and restore confidence among its holders.



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