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    Ethereum price analysis: $160.00 level bearish target

    By Nathan Batchelor

    12:38, 2 June 2020

    Ethereum has finally broken to the upside, following weeks of sideways trading action for the ETH/USD pair.

    Ethereum price analysis shows that the cryptocurrency could rally towards the $275.00 and possibly the $300.00 resistance level over the medium term.

    ETH/USD medium-term price trend

    Ethereum is trading at its highest level since early March, as a number of top altcoins start to break to the upside. 

    The ETH/USD pair has always been boosted by the BTC/USD pair’s recent strong advance above the $9,000 level.

    Ethereum technical analysis shows that the ETH/USD pair is testing towards the top of a triangle pattern, around the $250.00 level.

    The daily time frame shows that if the ETH/USD pair breaks past the $250.00 level then a powerful rally towards the $300.00 level could take place.

    A bullish golden cross has also taken place on the daily time frame, which is generally considered to be a buy signal.

    A golden cross occurs when the 50-day moving average crosses over the 200-day moving average.

    Medium-term ETH/USD bulls are likely to buy dips towards the $220.00 level in anticipation of further gains towards the $300.00 level.

    BTC/USD

    76,016.60 Price
    +0.010% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 106.00

    XRP/USD

    0.56 Price
    -0.680% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01168

    US100

    21,063.20 Price
    -0.210% 1D Chg, %
    Long position overnight fee -0.0248%
    Short position overnight fee 0.0026%
    Overnight fee time 22:00 (UTC)
    Spread 1.8

    Oil - Crude

    71.01 Price
    -1.380% 1D Chg, %
    Long position overnight fee 0.0085%
    Short position overnight fee -0.0304%
    Overnight fee time 22:00 (UTC)
    Spread 0.030

    Ethereum technical analysis

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    ETH/USD short-term price trend

    Ethereum technical analysis shows that the cryptocurrency is bullish over the short term while the price trades above the $210.00 level.

    The four-hour time frame currently shows that a bullish inverted head-and-shoulders pattern has been activated.

    Technical analysis shows that the neckline of the bullish pattern is located around the $226.00 level.

    According to the size of the bullish pattern, the ETH/USD pair could rally towards the $275.00 level, if the pattern reaches its full upside potential.

    Short-term traders may buy dips towards the $226.00 or $217.00 support areas.

    Ethereum technical analysis

    ETH/USD technical summary 

    Ethereum technical analysis shows that the ETH/USD pair has finally broken from its established range. The $275.00 and $300.00 level are seen as possible upside targets.

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