Ethereum [ETH] insisted on its sideways momentum while its market consolidated over the last month. Post the bearish flag breakdown, buyers have not been able to break the bonds of the daily 20 EMA resistance.
Should the current candlestick see a robust close below the $1,045 support, ETH could eye an extended downside in the coming sessions. Any rebound from this level would likely continue the squeeze phase before an explosive break. At press time, the alt was trading at $1,222.5, up by 3.47% in the last 24 hours.ETH’s long-term trendline resistance has reliably rebutted the buying efforts by keeping them under a strong check for over three months.
Should the 23.6% resistance provoke more selling pressure, ETH could see a pullback toward its immediate support. However, any close below the $1,045 support could extend the selling spree in the coming days. In this case, the potential targets would rest in the $990-zone.
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