abwärts
downward
In a direction going down; from a higher point to a lower point.
Von der Bergspitze führte der Weg steil abwärts.
From the mountain peak, the path led steeply downward.

downward
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downward
In a direction going down; from a higher point to a lower point.
Von der Bergspitze führte der Weg steil abwärts.
From the mountain peak, the path led steeply downward.

The word consists of the prefix 'ab-' (downward) and the ending '-wärts', which indicates a direction. Other directional adverbs with this ending are 'aufwärts' (upward), 'vorwärts' (forward), or 'rückwärts' (backward).
Bitte treten Sie einen Schritt vorwärts.
Please take one step forward.
'Abwärts' (downward) is an adverb and is not declined. It keeps the same form in every sentence, no matter which noun or verb it accompanies.
Der abwärts führende Pfad ist sehr rutschig.
The downward-leading path is very slippery.
In its literal meaning, 'abwärts' (downward) describes movement downward. It is often combined with verbs like 'gehen' (to go), 'fahren' (to drive/ride), 'führen' (to lead), or 'blicken' (to look).
Mit der Seilbahn fuhren wir langsam abwärts ins Tal.
We rode slowly downward into the valley by cable car.
The figurative meaning is almost always used in the fixed expression 'mit etwas/jemandem abwärts gehen' (to go downhill for something/someone). The preposition 'mit' introduces what or who is developing negatively.
Seit der Krise geht es mit der Wirtschaft nur noch abwärts.
Since the crisis, the economy has only been going downhill.
above / up
'oben' and 'abwärts' are opposites when it comes to height or direction. 'oben' describes a higher place or position. With 'nach oben', it means the direction toward a higher place. 'abwärts', on the other hand, describes movement or direction downward, that is, from a higher point to a lower point. The important point is: 'oben' often says where something is; 'abwärts' more often says where something is going.

Nach der Hütte führt der Weg steil abwärts.
After the hut, the path leads steeply downward.
Die Schlüssel liegen oben auf dem Regal.
The keys are at the top of the shelf.