Ethereum Price Chart Analysis: Downtrend progress

The price of Ethereum (ETH) has been in a downtrend for the past four months. The price has been making lower highs and lower lows, suggesting that sellers are in control of the market. The chart shows some potential support and resistance levels. The support level is around $3,400.00. The resistance level is around $4,200.00. If the price breaks below the support level, it could signal a further price decline. Conversely, if the price can break above the resistance level, it could signal a reversal of the downtrend.