Ethereum Price Analysis: ETH/USD head-and-shoulders pattern breakout eyes $300
|- Ethereum price attempt to recovery towards $240 halted at $235 as bears swing into action.
- Sideways trading leading to consolidation above $230 is expected in readiness for a rally eyeing $300.
Ethereum price is once again trimming the accrued gains on the day after failing to break above the resistance at $235. The second-largest crypto by market capitalization has sunk to $230 support amid building bearish momentum.
ETH/USD opened the session on Friday trading at $227.57. A quick upside action during the Asian session ground to a halt at $234.70 (intraday high). Ethereum price has since adjusted touching $226.84 (intraday high) before making a shallow rise to $230.34 (market value) following a 1.28% growth on the day.
Ethereum head-and-shoulders pattern
Ethereum bulls are pushing above the right shoulder of the head-and-shoulders pattern. Support at $210 was key to the reversal witnessed in the last 24 hours. However, the resistance at $235 is limiting action to the north ahead of more hurdles at $240 and $260.
Technical indicators clearly show that ETH/USD could settle in sideways trading in the narrow range between $230 and $235. The momentum strength indicator is leveling at 0.00, emphasizing that action either upwards or downwards is unlikely in the short term.
Besides the support at $230, the 61.8% Fibonacci level, taken between the last swing high of $228.22 to a swing low of $117.19 will protected the price from retesting $220 and $210 buyer congestion areas. Other key levels to watch out for are the 50-day SMA, the 50% Fibo at $200 and the primary support at $180.
ETH/USD daily chart
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