ETH faced rejection from the 4k resistance on the weekly timeframe, and It has reached a low of 3k and has bounced back to around $3400. The support level is at $3550, currently it treading below this support but if the weekly candle closes above this level, it can be considered a good sign.
However, if the weekly candle closes below this level, it can trigger concerns, leading to a potential drop to around $2600, in my opinion. It's important to note that whenever ETH has failed to surpass the 4k resistance level, it has experienced significant downturns in the past. For instance, in May 2021, ETH faced a rejection of nearly 60%, and in September 2021, it had a 32% drop.
To determine if history will repeat itself, ETH needs to maintain the $3550 support level on the weekly chart. So keep an eye on the weekly candle close.