📈 While Ethereum price has the potential to improve in the short term, it has been correcting after a decisive rejection from the $4,000 resistance level for the past few weeks.

🔍 Technical Analysis:

– On the daily chart, while the price has been rising steadily in recent months, there was a decisive rejection from the $4,000 resistance level.

- The market is currently in a correction phase and ETH is consolidating below the $3,600 level.

- On the 4-hour time frame, consolidation is more clearly visible and the price has been forming an inverse head and shoulders pattern since the bounce back from the $3,000 support zone.

🔗 On-Chain Analysis:

- Ethereum, when judged by the exchange reserve metric that measures the amount of Ethereum stored in exchange wallets, indicates that it is ready for a higher supply that could cause the price to drop.

- This could lead to further price declines for Ethereum in the coming weeks. 📉