February 5, OctaFX – Ethereum remains under downside pressure in the near-term, with the third largest cryptocurrency by market capitalization trading within a triangle pattern.
A bearish downside break is likely to encourage selling towards the $92.00 level, while a break to the upside may provoke a test of the $110.00 level. The Relative Strength Index on the four-hour time frame is showing that the ETHUSD pair has yet to reach oversold trading conditions.
ETHUSD Technical Analysis
- The ETHUSD pair is bearish while trading below the $110.00 level, key support is found at the $92.00 and $78.00 levels.
- If ETHUSD pair trades above the $110.00 level, key resistance is found at the $115.00 and $125.00 levels.
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