- Ethereum narrows towards $140 support as the upside remains impenetrable.
- The descending trendline resistance must come down to clear the path towards $150.
Ethereum is largely unchanged compared to the levels towards the end of last week. The pressure oozing from the bears continued across the weekend session. Besides action beyond $145 remained limited. On the other hand, sellers forced ETH/USD against the critical support at $140 with an aim of seeing Ethereum back to November lows at $138.48.
In the meantime, Ethereum is trading at $141 amid a growing bearish momentum. Although $140 seems to have high buyer congestion, ETH remains in grave danger of dropping to levels close to $130.
On the upside, the descending trendline is the nearest resistance and must be broken in order to pave the way for gains above $150. Other key hurdles to keep in mind include the 50 SMA on the 4-hour chart at $145 and the 100 SMA at $147.50.
ETH/USD 4-hour chart
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