Ethereum has come under heavy downside pressure alongside other top altcoins, following the recent bearish reversal in the BTCUSD pair. Technical analysis shows that a sustained decline below the $380.00 level could cause a major technical sell-off in the ETHUSD pair towards the $330.00 area. Traders that are bullish towards the ETHUSD pair may need to see the $420.00 level before initiating new buy positions.
The ETHUSD pair is only bullish while trading above the $380.00 level, key resistance is found at the $420.00 and the $445.00 levels.
If the ETHUSD pair trades below the $380.00, sellers may test the $360.00 and $330.00 support levels.
