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
ETH/USD price chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD approaches $7,000, bulls may be disappointed once again

BTC/USD resumed the upside trend after a consolidation around $6,700 during the weekend. At the time of writing, BTC is changing hands at $6,930 and the upside momentum is gaining traction.

More Bitcoin News

Ripple Price Analysis: XRP/USD may return to $0.1800 before another bullish assault

XRP/USD is changing hands at $0.1850 with 2.6% of gains since the start of the day. The third-largest digital asset with the current market value of $8 billion has been moving within a strong bullish trend amid expanding volatility. 

More Ripple News

ETH/USD leaves $154.00 behind, no reversal in sight

ETH/USD jumped above $154.00 after the bulls managed to clear psychological $150.00. The second-largest digital asset has gained over 7% since the beginning of the day and 5% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market.

More Ethereum News

Cryptocurrency market update: Major cryptos remain on track to post weekly gains

Ethereum (ETH/USD) failed to hold above $150 earlier in the week but is still up 15.4% on a weekly basis at $143.50. $150 (Fibonacci 38.2% retracement of mid-March fall) aligns as the first critical resistance followed by $153.50 (Mar. 20 high).

More Ethereum News


Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast