Ethereum price analysis: critical support at $200.00

Ethereum suffered heavy losses last week, following a sudden bearish reversal from just below the $250.00 resistance zone.

Ethereum price analysis shows that the cryptocurrency is likely to remain under pressure while trading below the $225.00 level.

ETH/USD medium-term price trend

The ETH/USD pair quickly gave back it’s hard-fought gains last week, and now faces the prospect of finishing the month in the red.

Ethereum is likely to remain under technical selling pressure while trading below the $225.00 level.

Ethereum technical analysis shows that the $200.00 level offers strong upcoming support for the ETH/USD pair.

The daily time frame shows that major trendline support for the ETH/USD pair is seen around the $200.00 technical area.

Furthermore, the overall medium-term trend still remains bullish while price trades above the ETH/USD pair’s 200-day moving average, around the $190.00 level.

A loss of the $190.00 support level could see the ETH/USD pair sliding towards the $155.00 level.

ETH/USD short-term price trend

Ethereum technical analysis shows that the cryptocurrency has a strong short-term bearish bias while the price trades below the $240.00 level.

The four-hour time frame currently shows that a bullish inverted head-and-shoulders pattern has recently been invalidated.

Ethereum technical analysis

According to the size of the invalidated pattern, the ETH/USD pair could fall towards the $190.00 support area.

If the ETH/USD pair recovers back above the $240.00 level, then another technical test of the $250.00 level may take place.

ETH/USD technical summary 

Ethereum technical analysis shows that the ETH/USD pair remains under pressure while trading below the $230.00 level. The $190.00 level is seen as critical medium-term technical support.

Trade Ethereum to US Dollar – ETH/USD CFD

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