Ethereum has started to stabilize above the $250.00 level after suffering a heavy sell-off earlier this week alongside the broader cryptocurrency market. The ETHUSD pair may need to test back towards the $290.00 level as traders seek confirmation that a high was formed last week. Overall, traders should be cautious that the ETHUSD pair needs to test higher before turning lower again.
The ETHUSD pair is only bullish while trading above the $250.00 level, key resistance is found at the $290.00 and the $300.00 levels.
If the ETHUSD pair trades below the $250.00, sellers may test the $235.00 and $195.00 support levels.