Ethereum faces a huge trading week ahead after the second-largest cryptocurrency by market capitalisation plunged to its weakest trading level since June 2017 last Friday.
Ethereum price analysis shows that the $150.00 level is likely to act as a major pivot point for the cryptocurrency this week.
ETH/USD medium-term price trend
Ethereum suffered its largest one-day drop since January 2018 last Friday as the altcoins incurred a brutal market sell-off alongside Bitcoin.
After a promising start to the year the medium-term prospects for the cryptocurrency are now in question, with the ETH/USD pair trading down more than 50 per cent from its 2020 price high.
Ethereum technical analysis shows that that if bulls fail to gain traction above the pivotal $150.00 level the cryptocurrency could slide back to 2018 low, around the $80.00 level.
If bulls can somehow manage to build traction above $150.00 the ETH/USD pair could rally towards the $180.00 resistance level.
It is noteworthy that the ETH/USD pair has turned technically bearish since breaking below the $185.00 level last week.
ETH/USD short-term price trend
Ethereum technical analysis over the short term shows that the cryptocurrency has a bearish short-term bias while the price trades below the $237.00 level.
A bullish inverted head-and-shoulders pattern will form if the price starts to stabilise above the $150.00 level. The size of pattern implies a potential rally towards the $210.00 level could be forthcoming.
With this in mind, both time frames appear to confirm that the $150.00 level should be pivotal this week.
Interestingly, bullish MACD price divergence has also built up during the recent decline across the 30-minute timeframe.
The bullish MACD price divergence extends towards the $185.00 level, which is also the ETH/USD pair’s 200-day moving average.
ETH/USD technical summary
Ethereum technical analysis shows that the $150.00 level should remain pivotal for the ETH/USD pair’s short and medium-term directional bias. If the bearish trend continues the cryptocurrency could test towards the $80.00 level.