Ethereum is currently facing significant bearish pressure, having dropped over 16% since early January and testing critical support levels around $3,113 and the daily 200 EMA. Analyst Carl Runefelt notes that ETH is forming a symmetrical triangle on the 1-hour chart, indicating a potential breakout or breakdown. Holding above the $3,000 mark is crucial to avoid deeper corrections, while reclaiming $3,500 could restore investor confidence and attract new capital.