ETHUSD Recovery underway
Ethereum has staged a strong recovery over the weekend, with the ETHUSD pair closely tracking BTCUSD, and reaching the $550.00 area. Technical analysis shows that ETHUSD bulls may look to enter into the prevailing bullish trend close to the $500.00 support level this week. Higher time frame analysis continues to show the $640.00 level as a possible target for ETHUSD bulls.
The ETHUSD pair is only bullish while trading above the $510.00 level, key resistance is found at the $550.00 and the $580.00 levels.
If the ETHUSD pair trades below the $510.00, sellers may test the $500.00 and $480.00 support levels.