Ethereum reversed sharply from the $370 area last week, following the news that the CFTC was launching charges against the cryptocurrency exchange, BitMEX.
Ethereum price analysis shows that bulls need to hold the price above the $365 level to encourage a major recovery.
ETH/USD medium-term price trend
Ethereum eroded its early-month gains last week, as bearish news weighed heavily on the ETH/USD pair and the broader cryptocurrency market.
Ethereum technical analysis shows that bulls need to anchor the price above the $365 level on a multi-day basis to encourage further medium-term buying interest.
The daily time frame shows that a bullish breakout from a falling wedge pattern remains valid while the price trades above the $320 level.
The size of the pattern implies that the ETH/USD pair could rally towards the $450 level over the medium-term.
Overall, watch out for a major directional move in the ETH/USD pair once the $320 to $365 price range is broken.
ETH/USD short-term price trend
Ethereum technical analysis shows that the cryptocurrency has a short-term bearish bias while the price trades below $350.
The one-hour time frame is showing that the ETH/USD pair is trading within a rising price channel, between the $345 and $355 levels.
Technical analysis also shows that a bullish breakout above the channel could see the ETH/USD pair testing towards the $365 resistance area.
To the downside, a breakout below the $345 level could see the ETH/USD pair testing the $335 level, and possibly the $320 area.
ETH/USD technical summary
Ethereum technical analysis shows that the ETH/USD pair needs to hold the price above the $365 level to encourage a recovery towards the $400 area.