ETHUSD struggles with May high
Ethereum is coming under slight downside pressure after the second largest cryptocurrency by market capitalization failed to break the May trading high. The bearish pattern on the four-hour time frame has yet to be invalidated, leaving the ETHUSD pair vulnerable to more losses. Overall the next strong directional move is unlikely to occur until the $230.00 to $280.00 price range is broken.
The ETHUSD pair is bullish while trading above the $260.00 level, key resistance is found at the $280.00 and $320.00 levels.
If the ETHUSD pair trades below the $260.00 level, key support is found at the $230.00 and $205.00 levels.