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- Ethereum price is trading in the red within the confines of an ascending channel parallel channel.
- Ethereum price could be at risk of a 20% decline toward the lower boundary of the prevailing chart pattern if a key level fails to hold.
- Key support is at $3,900 where the lower boundary of the rising channel emerges as a foothold for ETH price.
Ethereum price tanks below $4,000 as a projected correction took hold of the crypto market early on Wednesday morning.