ETH/USD briefly surged above the EMA, only to face a selloff. Additional downside pressure came from the symmetrical triangle’s lower trendline. If the price consolidates below the resistance confluence for too long, its likelihood of correcting toward the 200-period EMA (blue) at around $$1,585 will increase.

That is around the realized price targets discussed above, and is also near the 1.0 Fibonacci retracement line at $1,500.

Conversely, retaking the 50-period EMA and the triangle’s lower trendline as support may invalidate the bearish setup. Instead, ETH’s price will likely attempt upside moves toward the triangle’s upper trendline near $3,800, aligning with the 2.618 Fib line.