ETHUSD Follows Bitcoin
Ethereum has staged a rally back towards the $600.00 level as the second-largest cryptocurrency continues to closely track the price movements of the BTCUSD pair. Technical analysis shows that a breakout above the $640.00 level could cause the ETHUSD pair to rally towards the $770.00 area. To the downside, failure to hold price above the $560.00 level could cause a price pullback towards the $500.00 area.
The ETHUSD pair is only bullish while trading above the $560.00 level, key resistance is found at the $620.00 and the $640.00 levels.
If the ETHUSD pair trades below the $560.00, sellers may test the $520.00 and $500.00 support levels.