ETHUSD higher before lower

Ethereum has started to stabilize above the $250.00 level after suffering a heavy sell-off earlier this week alongside the broader cryptocurrency market. The ETHUSD pair may need to test back towards the $290.00 level as traders seek confirmation that a high was formed last week. Overall, traders should be cautious that the ETHUSD pair needs to test higher before turning lower again.

• The ETHUSD pair is only bullish while trading above the $250.00 level, key resistance is found at the $290.00 and the $300.00 levels.

• If the ETHUSD pair trades below the $250.00, sellers may test the $235.00 and $195.00 support levels.