Ethereum's price is under pressure after failing to consolidate above the $4,000 resistance level, with increased selling activity leading to a decline.

Technical analysis indicates a head and shoulders pattern on the 4-hour chart, suggesting a bearish reversal, and the price is currently testing critical support around $3,600.

A break below this level could extend the bearish trend, with key support zones at the 100-day moving average of $3,430 and the 0.5 Fibonacci retracement level of $3,419.

Sentiment analysis shows aggressive selling in the futures market, reinforcing the likelihood of continued downward movement.