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.
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