Ethereum's bullish momentum has waned since the conclusion of the Bitcoin Halving, with potential bearish signals emerging. Notably, it has fallen below the significant resistance level of approximately $3,200, a stark contrast to its previous levels near $4,000, indicating a shift towards a negative trend.

Analysts suggest that Ethereum's prices are being rejected, indicating a reluctance to surge amidst ongoing market volatility. Moreover, expectations for an Ether ETF approval, previously speculated to occur by mid-2024 or year-end, remain directionless.

Recent observations show Ethereum trading below the 100-hourly SMA and struggling to recover from the 23.6% Fib Retracement Level. Hourly charts indicate consolidation of losses around $3,190, reflecting tangible bearish signs in trading.

Recent highs and lows in the trading community range between $3,291 and $3,105, respectively, with the first major resistance level adjusted to $3,200 assuming Ether's upward trajectory. Despite prevailing uncertainties, Ethereum's price prediction for the upcoming year remains optimistic, with potential achievements ranging between $4,385 and $5,097 or swinging within this range.

Further declines may lead Ethereum towards $3,030 and potentially $2,850, potentially prompting traders to liquidate holdings despite the prospect of a new all-time high. Although questions about buying the dip may arise, current market sentiments do not favor such trends. Eventually, increased activity from whales and investors may attract smaller investors looking for longer-term opportunities.

Bearish sentiments are also evident in the Bitcoin ecosystem, with BTC and ETH experiencing declines, with Ethereum trading at $3,140.95, reflecting a 3.47% drop in the last 24 hours, though showing a 4.68% increase over the past 7 days.

Technical indicators such as the hourly MACD and RSI for the ETH/USD pair reinforce a bearish stance, with major support and resistance levels at $3,100 and $3,200, respectively. While a correction was anticipated, its extent suggests caution regarding potential fresh bearish signals in the market.