- Ethereum price suffered heavy losses this past week against the US Dollar, and almost every major rally was sold.
- There is a contracting triangle pattern formed on the 4-hours chart (data feed via Kraken) of ETH/USD, which may provide us the next break.
- The price is below the 100 simple moving average (H4), which is a bearish sign and a concern for the bulls.
Ethereum price remained under a bearish pressure this past week, and it looks like ETH may continue to face offers in the near term.
Ethereum Price Break
Ethereum price ETH faced a lot of sellers this past week against the US Dollar, as a crucial resistance area at $14.00 acted as a hurdle and ignited a downside move. The price traded towards the $11.00 level where it found support and started consolidating losses. There is currently a contracting triangle pattern formed on the 4-hours chart (data feed via Kraken) of ETH/USD, which holds the key for the next move.
On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $16.10 high to $11.32 low. However, the most important one is around the triangle resistance area, which may act as a major barrier