Ethereum (ETH) price experienced further weakness, due to technical evidence indicating increasing selling pressure in the markets. The recent drop in Ethereum price has caused alarm amongst analysts, seeing as ETH is unable to bounce back from its key support levels being broken. It seems that there has been a reduction in buying activity, and bearish strength is still present.
At the time of writing, ETH is trading at $2,118.79 with a 24-hour trading volume of $27.60 billion and a market capitalization of $256.31 billion. ETH price recorded a modest 0.41% gain over the last 24 hours, but the overall trend still remained weak as the asset failed to maintain stronger upward movement.
Source: CoinMarketCap
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Ethereum Momentum Turns Sharply Bearish
Ethereum has now officially experienced a bearish breakdown shared by on-chain analytics firm CryptoQuant on May 20, 2026, when ETH traded below a crucial triangle formation that had been providing support for the asset’s price in recent weeks.
This bearish breakdown in the chart was considered to be a bad signal since it indicated that the buying pressure was weakening while that of the sellers strengthened. The firm further added that failure of the asset’s price to break above the broken resistance level could lead to more sell-offs in the next few days.
Source: CryptoQuant’s X Post
The firm states that the price of Ether can overshoot towards its $1,350 support level. This is an important point for investors because the loss of additional support will increase the risk for this cryptocurrency. The unfavorable technical pattern aligns with reduced momentum in the crypto market space.
Ethereum Price Faces Rising Selling Pressure
Ethereum price is not managing to trade higher than short-term moving averages, suggesting buyers are losing their grip. ETH price is currently trading in the $2,122 range.
The RSI is trading at 35.45 and is approaching oversold levels below 30 due to heavy selling. The RSI signal line is currently at 44.86, showing that bullish pressure has weakened sharply in recent times.
Source: TradingView
Ethereum prices have also been showing potential for further losses from the point of view of the MACD technical indicator. The MACD itself is currently trading at -41.03 levels, while the signal line is trading at -25.18 levels. The histogram is also negative at -15.84 levels.
The growing divergence in the MACD and signal line is being observed by analysts because this indicates the building bearish momentum. The inability of the Ethereum price to move past resistance areas in the upcoming trading session can result in new declines in the cryptocurrency’s value.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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