Ethereum price analysis: still bullish above $220.00
11:59, 18 June 2020
Ethereum price analysis shows that the cryptocurrency needs to break above the $250.00 resistance area to encourage the next major upside rally.
ETH/USD medium-term price trend
The ETH/USD pair has recently started to recover towards the $240.00 resistance area, after key trendline support held firm on the daily time frame.
Ethereum is likely to follow the direction of Bitcoin over the medium term, as the price movements in two cryptocurrencies are highly correlated.
Ethereum technical analysis shows that traders need to rally the price above $250.00 to encourage the next major push higher.
The daily time frame shows that sustained gains above the $250.00 level could see the ETH/USD pair rallying towards the $300.00 technical area.
Key medium-term technical resistance above the $300.00 level is located at the $335.00 and $400.00 levels.
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ETH/USD short-term price trend
Ethereum technical analysis shows that the cryptocurrency has a short-term bearish bias while the price trades under the $238.00 level.
The one-hour time frame currently shows that a bearish head-and-shoulders pattern has formed.
Looking more closely at the bearish, if the price breaches the $220.00 level then a decline towards the $190.00 level appears likely.
If short-term traders move the price above the $250.00 level, then a rally towards the $285.00 level seems likely over the short term.
ETH/USD technical summary
Ethereum technical analysis shows that the ETH/USD pair can still rally towards the $300.00 resistance level if bulls manage to defend the $220.00 support area.
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