Ethereum price analysis: ETH/USD dealing with selling pressure, head and shoulders formation seen

Head and shoulders pattern formation being observed on the daily time frame.
Strong support seen at $800, $569 and then even further south at $390.

Ken Chigbo Independent Analyst

The Ethereum price is nursing some losses during trading on Tuesday, down as much as 4%, moving in lock-step with a general cooling in prices observed across the crypto market. Momentum is very much to the downside and has been the case since the price gave up $900 again.

Ethereum ran into some resistance around yesterday’s highs seen at $870, since being knocked away from this area, the price is seen down over 5% from those highs. ETH/USD is currently moving within a touted demand zone, which could be breached if $800 is broken to the downside.

Looking technically at ETH/USD on a daily time frame, a head and shoulders pattern can be seen, potentially in the process of forming. The left shoulder and head have been completed, with the right shoulder currently being worked on. Neckline is seen at around $564. If $800 gives way, keep an eye potentially on this neckline being tested, a further break could expose $390, lows seen in December 2017.

ETH/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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