ETHUSD price has not touched what I consider to be support levels of $3600-3700 once, so I don't think ETHUSD price is already in a downtrend, as of now the price has risen back above $4300, but the market may not be ready to break higher again. According to exchange flows, traders are not in a hurry to sell all assets. For now, the main selling pressure is coming from regular investors, while institutions are still gradually building up positions to consolidate their current favorable advantage.
With prices holding above $4300, my opinion is changing from neutral to cautiously bullish.