- Ethereum reacted lightly to the Bitcoin-driven reversal across the cryptocurrency market on Wednesday.
- Sideways trading is expected to take center stage for Ethereum as it nurtures and marinates a possible breakout.
Spot rate: $128
Relative change: -4.8
Percentage change: -3.8%
Trend: Bearish
Volatility: High
ETH/USD daily chart
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Ethereum continues to narrow towards $100 amid the beckoning falling wedge pattern breakout.
Short term momentum and trend have a bearish bias, besides the hunt for a probable bottom is not over.
The death cross-impact is still strongly felt in the market even as the gap between the 50 SMA and the 200 SMA continues to widen.
ETH/USD 1-hour chart
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Ethereum bulls manage to reclaim descending channel support but recovery targeting channel resistance falls short at $135.
The price is dancing between the moving average support and resistance; with the 50 SMA providing support at $127.02 and the 200 SMA at $138.94.
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