Ethereum is still trading inside its long-term ascending triangle visible on the daily time frame and is currently testing support. A bounce could take it back to the triangle resistance at $165.

However, the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, support is more likely to break than to hold. Still, the 100 SMA lines up with the triangle bottom to add to its strength as a floor. Also, the gap between the moving averages is narrowing to indicate weakening selling pressure.

RSI is heading lower to signal that bearish momentum is in play and could stay on until oversold conditions are seen. This oscillator is just crossing the center line, so there’s plenty of room to head south and price might follow suit. A break below the triangle bottom around $140 could spur a drop that’s the same height as the triangle, which spans $80 to $165.

Stochastic, on the other hand, is pointing up after recently dipping into the oversold region. This suggests that…

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Source: https://thebitcoinnews.com/ethereum-ethusd-technical-analysis-bulls-continue-to-defend-triangle-bottom/