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.
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.