Ethereum is starting to recover above the $200.00 level on Wednesday, as the second-largest cryptocurrency by market capitalization tracks Bitcoin higher. ETHUSD bulls need to move price above the $240.00 level to encourage more short and medium-term technical buying. Only sustained weakness below the $195.00 support level would start to concern ETHUSD buyers at this stage.
The ETHUSD pair is only bullish while trading above the $195.00 level, key resistance is found at the $240.00 and the $255.00 levels.
If the ETHUSD pair trades below the $195.00, sellers may test the $190.00 and $180.00 support levels.