Ethereum Price Faces Downside Risks as Bearish Pennant Pattern Takes Shape

Ethereum's price has been stuck in a rut for several weeks, unable to break above the psychologically significant $2,000 level. Despite repeated attempts to rally, the cryptocurrency continues to trade below its 20-day, 50-day, 100-day, and 200-day exponential moving averages, keeping medium- and long-term momentum tilted downwards.

The Relative Strength Index (RSI) on the daily timeframe has hovered near 36, indicating weak buying strength without yet entering deeply oversold territory. This lack of conviction among buyers has contributed to Ethereum's inability to reclaim its higher highs above $2,400 earlier this year.