Ethereum Price Pressure Intensifies Amid Negative Sentiment and High-Profile Sales

Ethereum's price has been experiencing significant pressure due to various factors, including negative sentiment, ETF outflows, and high-profile ETH sales. According to recent data, the cryptocurrency is currently trading at $2,104, holding barely above the lower trendline of a rising channel that has contained Ethereum's range since February lows.

The hourly chart shows a clean descending trendline running from the May 11 high near $2,390 to present price around $2,106. Every attempted recovery has been sold into, with the $2,160 zone acting as the most recent rejection point after liquidity was swept below $2,000 on May 23.

The MACD on the hourly chart is showing early signs of a bullish cross, but this is not enough to call a reversal while price remains inside the descending channel. A break and close above $2,160 would be the first real structural shift in Ethereum's price action.