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.
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