ETHUSD breakout looms

Ethereum remains under downward pressure on Wednesday as the broader cryptocurrency market continues to weaken. The ETHUSD pair is edging closer to a bearish breakout a large symmetrical triangle pattern on the four-hour time frame, which holds a $40.00 target. Buyers need to force price back above the $136.00 level to change the bearish intraday bias surrounding the ETHUSD pair.

• The ETHUSD pair is heavily bearish while trading below the $130.00 level, key support is found at the $115.00 and $100.00 levels.

• If the ETHUSD pair trades above the $136.00 level, key resistance is found at the $146.00 and $160.00 levels.