The price of Ethereum has been facing bearish pressure, failing to reach a new record high and remaining below the $3,500 resistance level. The market is expected to drop towards the $3,000 support zone and the 200-day moving average unless it can trade above the moving average, indicating a bullish trend. The market has formed a double-top pattern on the 4-hour timeframe, with the neckline at $3,500 being broken, suggesting further correction or consolidation before resuming an upward trajectory. The futures market sentiment, as measured by the Taker Buy Sell Ratio, indicates that selling pressure from the futures market may be contributing to the recent correction and could make it difficult for the market to recover as long as the metric continues to trend down.



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