Ethereum Price Forecast: ETH faces rising bearish pressure at $1,800 barrier

$ETH  saw $56.54 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long and short positions is $42.70 million and $13.84 million, respectively.

ETH has been struggling to sustain a firm move above the $1,800 resistance level, with bear traders mounting pressure at the upper boundary of a descending channel and the 50-day Simple Moving Average (SMA). The rejection at $1,800 in the past few hours marks a sixth consecutive day of failure to overcome the resistance at the descending channel’s upper boundary.

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