Market Cap:
$290.2B
BTC Dominance:
56.5%
btc:
$9266.00
eth:
$269.23
xrp:
$0.44
Advertise
Cryptocurrency

Ethereum price analysis - Is bearish breakdown towards $205 possible?

OctaFx | Jun. 7, 2019
Ethereum price analysis - Is bearish breakdown towards $205 possible?

7 June 2019, OctaFX – Ethereum is back under pressure on Friday, with the second largest cryptocurrency by market capitalization testing towards neckline support.

Ethereum price technical analysis

The four-hour time frame highlights that bearish breakdown towards the $205.00 level is possible if price slips below the $230.00 level. Bulls ideally need to lift the ETHUSD pair above the $280.00 level to negate the bearish head and shoulders pattern.

  • The ETHUSD pair is intraday bearish while trading below the $230.00 level, key support is found at the $220.00 and $205.00 levels.

  • If the ETHUSD pair trades above the $230.00 level, key resistance is found at the $245.00 and $280.00 levels.

ETHUSD price, Ethereum price analysis, bearish breakdown

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.