Ethereum's ETH token has exhibited volatile price movements over the past week, culminating in a slight decline over the last 24 hours. As of press time, the price of one ETH token stands at $3,118.2, marking a decrease of 0.79%. Despite this short-term dip, Ethereum has outperformed Bitcoin with a gain of 1.48% in the same timeframe.

ETH/USD 24-Hour Chart (Source: CoinStats)

On the financial front, Ethereum's market cap is experiencing a bearish trend, having decreased by 0.65% to $380,764,974,961. Additionally, trading volume has significantly dropped by 21.97% in the last 24 hours, totaling $10,778,938,070. This suggests a potential pullback from traders and investors in the short term.

In terms of technical levels, Ethereum has key markers to watch. The intraday high for ETH is marked at $3165.07, which acts as a resistance level. Conversely, the intraday low stands at $3080.02, serving as a support level. These figures highlight critical points that could influence Ethereum's market behavior in the near future.

ETH Price Action

On the 4-hour chart, the Ethereum (ETH) token has been on a downward trajectory since Wednesday, when it last reached the 50% Fibonacci retracement level. As of press time, the price is descending towards the lower trendline, nearing the 23.6% Fib level. 

ETH/USD 4-Hour Chart (Source: Tradingview)

This level serves as a critical low-level support, and if breached, it could precipitate a further decline in ETH prices towards the key support level at $2941.32. Should this scenario unfold, it might set the stage for a bullish rebound. However, if this support level also fails, ETH could face a downturn extending to the 2-week support level.

Conversely, if the ETH token holds above the trendline and the 23.6% Fib level, the outlook could shift markedly. In this case, ETH might reverse its direction upwards, potentially challenging the 38.2% Fib level and possibly even breaking out above the 50% Fib level, indicating a bullish resurgence.

ETH/USD 4-Hour Chart (Source: Tradingview)

From a technical analysis perspective, the current market indicators reinforce the bearish sentiment surrounding ETH. The Moving Average Convergence Divergence (MACD) indicator is trending downward below the zero line, which stands at 13.05, signaling short-term bearish momentum. 

This is further evidenced by the MACD's position below the signal line in the negative region, suggesting that the bearish trend could persist. Additionally, the widening histogram bars in the red zone amplify this indication, pointing to a strengthening downward momentum.

In parallel, the Relative Strength Index (RSI) also supports the bearish outlook, with a reading of 42.02. Moving in a downward direction and trending below the midline towards the oversold territory, the RSI suggests there is potential for further price declines before reaching oversold conditions.