Ethereum Price Prediction: Teasing inverse head and shoulders, eyes on $215
- ETH/USD consolidates for the next push higher.
- Potential inverse head and shoulders on the hourly chart.
- Buyers to aim for $215 on a bullish breakout.
Ethereum (ETH/USD) is consolidating Saturday’s rebound below 203 levels on a quiet Sunday trading. The spot wavers in a $5 range, having bounced-off a brief dip below 200 mark in early trades. The second-most traded cryptocurrency is yearning for a sustained break higher over the last hours, with the downside cushioned by a stack of healthy support levels. The coin hit a daily high of 202.67 before easing slightly to now trade at 201.35, still up 0.50% on the day. The spot enjoys a market capitalization of about $ 22.39 billion, set to settle the week with a 7% weekly gain.
Short-term technical outlook
Looking at the hourly sticks, the no. 2 coin is teasing an inverse head and shoulders breakout. The buyers remain hopeful, as a breakout at the 202.32 neckline could trigger a sharp rally towards the pattern target of 214.86. The immediate resistance awaits at 206.17 (May 14 high) while the next one is seen around 210 (round number/May 10 high). A lack of significant resistances combined with the hourly Relative Strength Index (RSI) holding above the midline suggest the upbeat momentum to be unchallenged.
To the downside, the 21-hourly Simple Moving Average (HMA) should offer some support to the bulls. However, the 199.60/30 region will be tested on a failure to defend the 21-HMA. That demand area is the confluence of the 50 and 100-HMAs. The next support on the sellers’ radar is at the downward sloping 200-HMA of 196.44.
ETH/USD 1–hour chart
ETH/USD key levels to consider
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
