• ETHUSD conquers downward sloping trendline

• Meets strong resistance though at crucial technical level

• Momentum indicators warn for impending pullback

ETHUSD (Ethereum) had been forming a structure of lower highs in the four-hour chart since its peak at 2,136 on November 10. However, yesterday, the price managed to violate the descending trendline that connects its recent highs, but the bulls seem unable to reclaim the strong resistance of 2,092 for now.

As both the stochastic oscillator and the RSI show signs of waning positive momentum, the price could reverse back towards the 2,013 handle. Breaking below that zone, Ethereum could test 1,930 ahead of the 1,906 support level registered on November 17. Further declines might then cease at the 1,851 barrier.

On the flipside, if buying pressures intensify, the recent resistance of 2,092 could prove to be the first barricade for the price to overcome. A break above that region may trigger an advance towards 2,118. Piercing through the latter, the price could revisit its November peak of 2,136.

In brief, ETHUSD spiked aggressively above its descending trendline, but the move was not enough to spark a rally to the upside. Hence, the repeated failure to claim the 2,092 mark could potentially lead to a significant retreat.