ETHUSD Breakout underway
Ethereum has broken above key trendline resistance, around the $1,610 level, following a powerful recovery in Bitcoin from the lows of the week. The $1,740 and $1,800 levels are the near-term target for the ETHUSD pair while the price holds above the $1,610 level. The Parabolic SAR indicator shows that the trend on the daily time frame will only turn bullish if ETHUSD moves above the $1,800 level.
The ETHUSD pair is only bullish while trading above the $1,610 level, key resistance is found at the $1,740 and the $1,800 levels.
If the ETHUSD pair trades below the $1,610, sellers may test the $1,500 and $1,400 support levels.