The positive beginning of 2024 for Ethereum has shifted to a bearish trend, with a sharp 9.55% decline in a day, accompanied by significant losses throughout the week and month. The global crypto market has also dropped to a two-month low of $2.10 trillion, impacting Ethereum and other digital currencies.

Ethereum's price has formed a falling channel pattern, a sign of a bearish market trend. Initially soaring with a remarkable 79.34% surge in value and hitting a high of $4,094.75 at the beginning of the year, Ethereum's performance has since shifted under bearish pressure after a period of sideways movement.

The recent decline in ETH price with a 9.55% correction in a day, a 12.64% decrease over the past week, and a 19.48% dip in the last 30 days reflects waning interest from investors. These downturns highlight the impact of diminishing market enthusiasm on Ethereum’s performance.

Despite the bearish outlook indicated by Ethereum's falling channel pattern, potential recovery could be on the horizon. The Moving Average Convergence Divergence (MACD) indicator, showing an increasing red histogram, and the bearish convergence of moving averages suggest continued selling pressure and a possible further price decrease. However, if market sentiment shifts positively, Ethereum may see a resurgence, possibly testing resistance levels at $3,150 and eventually pushing towards the upper resistance level of $3,500 in the weeks ahead.