Ethereum Price Under Pressure as Analysts Warn of Downside Risk

Ethereum's recent price action has been marked by a significant decline, with the token testing the $2,140 level after rebounding from intraweek lows near $2,070. This downturn has raised concerns among analysts about the potential for a deeper correction towards the $1,350 level.

According to data from CryptoQuant, Ethereum's Relative Strength Index (RSI) is hovering near oversold territory, which may suggest conditions for a short-term relief bounce. However, ETH continues to trade below all major moving averages on the daily chart, indicating that bearish momentum remains dominant.