Ethereum buyers need to rally the second-largest cryptocurrency above the $240.00 resistance level to avoid further losses this week. The ETHUSD pair recently broke beneath a rising price channel that has been in play since March this year. According to technical analysis, the bearish target of the recent channel breakout is located around the $155.00 technical area.
The ETHUSD pair is only bullish while trading above the $240.00 level, key resistance is found at the $250.00 and the $285.00 levels.
If the ETHUSD pair trades below the $240.00, sellers may test the $220.00 and $200.00 support levels.