Ethereum price analysis – ETHUSD slips below $230


10 June 2019, OctaFX – Ethereum has slipped back to key neckline support as the second largest cryptocurrency continues to trade in lockstep with Bitcoin.

Ethereum price technical analysis

The four-hour time frame is showing that a right-hand shoulder has now formed, which completes the bearish head and shoulders pattern. Sustained moves below the $230.00 level are likely to provoke technical selling, with the $205.00 level the most prominent downside target.

  • If the ETHUSD pair trades below the $230.00 level, key support is found at the $205.00 and $190.00 levels.

  • If the ETHUSD pair holds above the $230.00 level, key resistance is found at the $255.00 and $285.00 level.

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.

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