Based on the 4H ETH/USDT chart you provided, Ethereum is currently trading around $3,020, down nearly 5% on the day. The recent rejection at the $3,238 level formed a clear short-term lower high, signaling weakening bullish momentum. The price has also slipped below the MA5 and MA10, while sitting right on the MA30, showing that upward strength is fading. At the same time, the MACD has crossed bearish and continues to widen downward — a sign that sellers are gaining control.

In the short term, ETH is showing a corrective downtrend. If the price fails to hold above the $3,000–3,020 support zone, it may extend lower toward $2,950 or even $2,900. For a bullish recovery, ETH needs to reclaim the MA10 and push back above $3,110. Until that happens, the momentum favors the downside, and the market may continue to trend weaker in the coming sessions.
$ETH ‌