ETHUSD failure to launch
Ethereum remains extremely weak in the short-term as the second-largest cryptocurrency continues to consolidate around the $130.00 level. A bearish head and shoulders pattern is building on the lower time frames and warns of a possible drop towards the $100.00 level. At this stage, ETHUSD bulls need to gain traction above the $155.00 level to encourage technical buying.
The ETHUSD pair is only bullish while trading above the $155.00 level, key resistance is found at the $160.00 and the $175.00 levels.
If the ETHUSD pair trades below the $155.00, sellers may test the $120.00 and $100.00 support levels.