ETHUSD awaiting triangle break

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 Strenght Index on the four-hour time frame is showing that the ETHUSD pair has yet to reach oversold trading conditions.

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.