Ethereum price is framing a bearish pattern. ETH/USD stays in danger of more troubles as long as it is unable to break the resistance around $107.
Ethereum price recovered a little yesterday over $104. ETH was unable to break the resistance level around $107 as a result Ethereum price fell below $106. The price is currently ensured by the support around $103 level.
There is a bearish trendline formed with resistance around $107 on the hourly chart. If Ethereum is able to break above the resistance around $107, the price may move towards the $110 and $112 levels. However, if there is a downside break underneath $103 support level, the price is probably going to fall below $100 very quickly.
Taking a look at the chart, ETH price is obviously under selling pressure underneath $107. If the selling pressure keeps on increasing, the price is probably going to fall underneath $103 to below $100.