Ethereum remains under pressure across higher and lower timeframes after failing to reclaim key resistance levels.
The asset has broken below a multi-month bullish structure on the daily chart while continuing to trade inside a descending channel on the 4-hour timeframe.
Meanwhile, sentiment data suggests that aggressive buyers remain largely absent.
Ethereum Price Analysis: The Daily Chart
On the daily timeframe, ETH has decisively broken below the large ascending triangle structure that had developed between February and May. The move occurred after multiple rejections from the $2.4K resistance zone, which coincides with a major horizontal supply area and the former breakout region.
The bearish move has also pushed the price below the 100-day moving average, which is currently around $2.2K. More importantly, ETH remains significantly below the declining 200-day moving average near $2.5K. This indicates that the broader trend continues to favor sellers.
The recent rejection from the $
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