Ethereum Price Faces Elevated Downside Risk Amid Technical Breakdown

Ethereum's price has been experiencing significant pressure in recent sessions, with the altcoin testing the $2,140 level after rebounding from intraweek lows near $2,070. This brief recovery offered some relief for bulls, but the altcoin remains under pressure following a sharp weekly decline.

The Relative Strength Index (RSI) is hovering near oversold territory, which may suggest conditions for a short-term relief bounce. However, Ethereum continues trading below all major moving averages on the daily chart, signaling that bearish momentum remains dominant.

One of the primary concerns for bulls is Ethereum's breakdown below the support trendline of a triangle pattern. This technical failure has raised concerns that price action could mirror a similar technical failure earlier this year, where Ethereum's price declined sharply from the $2,800-$3,000 range.