📉 Despite a rocky start to the second quarter of 2024, Ethereum struggled to break the $4,000 resistance level, leading to a bearish outlook. However, there's still potential for an uptrend. 📊

📈 Daily Chart Analysis: Ethereum faced rejection at $4,000 in March and retreated below $3,500. With the RSI dropping below 50%, $3,000 appears as a likely support level. Yet, trading above the 200-day moving average suggests the uptrend may persist. 📉📈

⏰ Four-Hour Chart Analysis: Ethereum's recent consolidation is evident in the four-hour chart, with a breakdown from an ascending wedge pattern. As it nears the $3,000 support, oversold conditions indicated by RSI below 30% may precede a potential rebound. ⏳💼

💡 Ethereum Ecosystem Update: Excessive optimism among investors contributed to Ethereum's fall below $4,000. High funding rates suggest an overheated futures market, potentially leading to extended liquidations and further price drops. 💰📉