Ethereum Price Weakening Raises Fears of Breakdown

Ethereum's price has been stuck in a tight range near $2,116, with momentum weakening over the past few days. The cryptocurrency has declined by 9.2% over the past 14 days and is trading far from its all-time peak of nearly $4,946.

The rounded top pattern that Ethereum is forming suggests that buying pressure may be fading after a rally. This type of pattern typically reflects distribution, where market participants gradually reduce exposure rather than aggressively selling all at once.