Ethereum is attempting to recover towards the $390.00 resistance level after the second-largest cryptocurrency performed a false downside breakout below the $380.00 support level. Traders that are bearish towards the ETHUSD pair may look to fade any rallies above the $400.00 level this week in expectation of an eventual decline below the $380.00 level. To the upside, a breakout to the $420.00 level could provoke a rally towards the $470.00 area.
The ETHUSD pair is only bullish while trading above the $380.00 level, key resistance is found at the $405.00 and the $420.00 levels.
If the ETHUSD pair trades below the $380.00, sellers may test the $360.00 and $330.00 support levels.
