Ethereum Price Breaks Crucial Bullish Trend Line Amidst Weakening Momentum

The Ethereum price has broken below a main bullish trend line on its short-term timeframe, accompanied by breaking below the support of EMA50. This intensifies the negative pressure and signals the possibility of deeper losses in the near term.

The relative strength indicators are also adding to the downside pressure, despite reaching heavily oversold levels that helped stabilize the price temporarily against these bearish pressures.