Bearish Pattern For Ethereum Leads To $111 Support Level

A bearish pattern forming for ethereum can easily bring the ETH price to $111 but also if it manages to stabilize, it will bring the price towards $140 and $150. The price will likely lose ground to $100 again if the symmetrical triangle pattern is broken as we are about to read further in the ethereum news below.

The Ethereum price is currently showing us enough power to defend the support at $120 so all of the previous attempts made towards the recovery after the dip to $90 have joined the selling activity under $150. What is also most interesting is that the investors are trying to watch from a distance so, at the time of writing, the ETH/USD pair is slowly reaching $112 after a 2 percent loss on the day.

The Ethereum pair is also trading within the confines of the symmetrical triangle pattern which has a waiting breakout around the corner. In the short term, the bearish momentum will likely be happening if the bulls fail to hold the price right above the $120 level and the triangle support gets broken. In this case, more of the selling could send the ETH/USD pair towards the $100 price level and will further create fresh demand.

On the upside, if the bulls ignore everything and decide to enter the market, we could see some growth above the $130 level. However, at this level, the gains are unlikely to break the resistance at $140 and will not be able to break it because of the congestion that will stop them at $150. The gap between the 50 SMA on the 4-hour charts and the 100 SMA, shows that the sellers are controlling right now or could even gain traction against the bulls later. In the meantime, the bearish pattern for ethereum remains as the relative strength index shows slow signs of stability. The traders are keen on the direction of the indicator that will lead them during the next sessions because a return of the oversold region will increase more bearish activities.
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The growth above 40 and 50 levels could boost more bulls to enter the market.

If the price successfully reaches a $142 resistance area, it could start another recovery. In the previously mentioned case, the bulls will aim to test the $155 resistance and any further gains could lead the price to $170 level or 100 simple moving average.