Ethereum Price Faces Bearish Pressure as DeFi Activity Surges

Ethereum's price has been trading around $1,674–$1,675, showing sustained selling pressure on the daily chart. This represents months of lost momentum, broken supports, and underwater holders. The trend is clearly bearish.

The daily chart indicates a bearish stack, with Ethereum below its EMA20 ($1,877), EMA50 ($2,044), and EMA200 ($2,519). The daily RSI at 27.22 is technically oversold, but can remain low during prolonged declines. The MACD shows accelerating downward momentum.

However, DeFi activity on Ethereum is surging, with Uniswap V3 fees spiking 143% in a day and Fluid DEX by 256%. Elevated DEX fees indicate real on-chain volume and active network use, which historically supports Ethereum's fundamental value.

Two scenarios are presented: the bullish case relies on the oversold daily RSI and stabilization around $1,654–$1,675, while the bearish continuation case is backed by the daily EMA stack and expanding MACD histogram. The current setup is risky for both directions, with high volatility and risk.