The recent correction in the cryptocurrency market has led to a 1.51% decrease in values, signaling a decrease in bullish sentiment. Major cryptocurrencies have shown a period of price consolidation, implying a lackluster performance in the near future.

Subsequent to the approval of the Ethereum ETF, the ETH coin experienced a bullish phase but has since shown signs of a possible bearish reversal starting from the beginning of the week.

Bearish Reversal Signals for ETH Token

Following a market correction, Ethereum's price witnessed a 2.58% downturn and an 11.28% reduction in trading volume, amounting to $16.596 billion in the past day. In the previous week, the Ethereum token has seen minimal growth, reflecting subdued buying and selling pressures.

The Ethereum price is currently hovering around the crucial support level of $3,730, indicating a stabilization in price movement. The Simple Moving Average (SMA) indicator highlights a bearish signal in the 1-day time frame, suggesting an uptick in selling pressure within the crypto sphere.

The Moving Average Convergence Divergence (MACD) demonstrates a consistent decrease in the green histogram. Additionally, the averages predict a probable bearish convergence, indicating a weakened performance for the leading altcoin in the market.

Prospects of Ethereum Returning to $4K

If Ethereum manages to sustain its price above the $3,730 support level, bullish momentum may push it to retest the key resistance level of $4,095 in the following weeks.

Conversely, a bearish scenario could unfold if the support at $3,730 is breached, leading to a potential decline towards the lower support level of $3,400.