Ethereum has an improving short-term outlook as the recovery from last weeks sharp decline towards the $310.00 area gathers pace. Technical analysis on the lower time frames shows that an inverted head and shoulders pattern has now formed. According to the overall size of the reversal pattern, the ETHUSD pair could be preparing to advance towards the $390.00 level.
The ETHUSD pair is only bullish while trading above the $350.00 level, key resistance is found at the $365.00 and the $390.00 levels.
If the ETHUSD pair trades below the $350.00, sellers may test the $330.00 and $310.00 support levels.