Ethereum Grapples with Overhead Resistance Amid Bearish Market Structure

Ethereum has shown signs of stabilization after a sharp correction from its yearly highs. The asset's price broke out of a long-term descending channel, pushing buyers back toward $1.9K.

However, ETH remains below the 100-day and 200-day moving averages near $1.95K and $2.05K respectively, indicating a bearish market structure and posing downside risk to token performance and DeFi market sentiment.

The daily chart shows ETH consolidating just above the broader descending channel's higher boundary, which has guided price action lower for several months. Buyers have managed to push it back toward $1.9K, but the asset is still trading beneath both moving averages.