Ethereum is amongst the weakest of the top cryptocurrencies on Wednesday, as the recent sell-off from just below the $500.00 level continues. Bearish MACD price divergence on the lower time frames is warning of further losses for the ETHUSD pair towards the $230.00 level. Traders should be aware that Ethereum has a strong short-term negative bias while trading under the technically important $365.00 level.
The ETHUSD pair is only bullish while trading above the $365.00 level, key resistance is found at the $395.00 and the $415.00 levels.
If the ETHUSD pair trades below the $365.00, sellers may test the $270.00 and $230.00 support levels.
