ETHUSD Technically weak

Ethereum appears increasingly weak in the short-term, following another heavy upside rejection from the $620.00 region. Sentiment towards cryptos is also taking a hit, following the recent bearish SEC news surrounding the third-largest cryptocurrency, Ripple. Technical analysis shows that the ETHUSD pair could be preparing to drop towards the $500.00 price zone.

• The ETHUSD pair is only bullish while trading above the $630.00 level, key resistance is found at the $670.00 and the $700.00 levels.

• If the ETHUSD pair trades below the $630.00, sellers may test the $570.00 and $500.00 support levels.