Ethereum Price Under Pressure Amid Breakout from Ascending Channel

Ethereum's price is experiencing downward pressure after breaking out of an ascending channel support zone.

Technical indicators such as the MACD histogram have flipped negative, suggesting growing bearish momentum. The cryptocurrency has also slipped below its 20-day exponential moving average, indicating weakened short-term bullish momentum.

The breakdown occurred as price repeatedly failed to reclaim resistance near $2,280 to $2,320 and slipped below the lower boundary of the ascending channel.