Ethereum continues its steady advance higher, with the cryptocurrency touching levels not seen since mid-November 2019.
Ethereum technical analysis shows that the cryptocurrency risks being sold if bulls fail to rally the price above $182.00 this week.
ETH/USD medium-term price trend
Ethereum technical analysis shows that the cryptocurrency is still technically bearish over the medium-term while trading below the $182.00 resistance level.
If buyers fail to rally the ETH/USD pair above the $182.00 level this week traders should expect a gradual decline in the cryptocurrency back towards the $145.00 level.
Looking at potential trader scenarios for the ETH/USD pair, a rally towards the $200.00 resistance level should be forthcoming if bulls break the $182.00 level.
This would also help to form a much larger bullish pattern, which would indicate that ETH/USD could be rising towards the $280.00 level over the medium-term.
Failure to reclaim the $182.00 level should result in the ETH/USD pair falling back towards the $145.00 level, where bargain hunters may be looking to buy the cryptocurrency at a more attractive price.
Another key point to add is that Ethereum looks undervalued at current levels when compared to other top altcoins that are currently enjoying double-digit gains.
ETH/USD short-term price trend
Ethereum technical analysis over the short term shows that the cryptocurrency is bullish while price trades above the $135.00 level.
A large inverted head and shoulders pattern has recently been triggered into action, with the neckline of the pattern located around $158.00.
The size of the bullish pattern suggests a rally towards the $190.00 level, before any technical pullbacks are likely to take place.
It would seem that as long as the $158.00 level is defended the bullish pattern has a high probability of playing out to the upside.
Overall, unless the $158.00 level is breached, traders should expect more gains in the ETH/USD pair.
ETH/USD technical summary
Ethereum technical analysis suggests that buying the cryptocurrency while price trades above the $158.00 level is still a good option. A rally towards the $190.00 level may take place this week if bulls defend key support.