Ethereum Price Under Pressure: Bearish Momentum and Key Levels

Ethereum's price has been under pressure in recent days, with the cryptocurrency trading around $1,674-$1,675. This sustained selling pressure is evident on the daily chart, where a gap between current and previous prices represents months of lost momentum.

The bearish momentum is further confirmed by the presence of a bearish stack on the daily chart, 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.

Despite the bearish conditions, DeFi activity on Ethereum is surging, with Uniswap V3 fees spiking 143% in a day, Fluid DEX by 256%, and Curve by nearly 55%. This indicates real on-chain volume and active network use, which historically supports Ethereum's fundamental value.