Ethereum has traded above the $600.00 level for the first time in nearly six-months, as the breakout rally in altcoins shows few signs of stopping. A bullish inverted head and shoulders pattern on the higher time frames is projecting the $640.00 level as a potential target. Technical analysis on the lower time frame shows that the $540.00 level is the strongest form of near-term support.
The ETHUSD pair is only bullish while trading above the $560.00 level, key resistance is found at the $640.00 and the $690.00 levels.
If the ETHUSD pair trades below the $560.00, sellers may test the $540.00 and $490.00 support levels.
