Ethereum continues to erode early week gains, with the third largest cryptocurrency by market capitalization pressing the $100.00 support level. Price is also trading close to the neckline of a bearish head and shoulders pattern, which holds a $25.00 downside projection. Only a sustained move above the $123.00 level can negate short-term selling pressures on the ETHUSD pair.
If the ETHUSD pair moves below the $97.60 support level, further losses towards the $90.00 and $75.00 levels remains possible.
If ETHUSD pair moves above the $110.00 level, further upside towards the $116.00 and $125.00 resistance levels appears likely.
