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Ethereum Price Bearish Pattern Heads To $100 But Recovery Could Top $200

Ethereum price currently displays just enough power to defend the support at $120. All the attempts made towards recovery since the dip to $90 have bowed to the selling activity under $150. Moreover, investors are preferring to watch from a distance. At the time of writing, ETH/USD is doddering at $120 after a 2.51% loss on the day.

ETH/USD is also trading within the confines of a symmetrical triangle pattern whose breakout is around the corner. In the short term, bearish momentum is very likely especially if the bulls fail to hold the price above $120 and the triangle support is broken. In this case, more selling could send ETH/USD towards $100 in order to create fresh demand.

On the upside, if the bulls ignore the fear and enter the market, we could see growth above $130 however, gains are unlikely to break the resistance at $140 let alone the seller congestion at $150. The gap between the 50 SMA on the 4-hour chart and the 100 SMA shows that sellers are largely in control or could eventually gain traction against the bulls. Read More...