Ethereum is getting ready for a major directional move after the cryptocurrency staged a notable rally towards the $470.00 resistance area. Technical analysis highlights that ETHUSD short and medium-term bulls have full control while the price trades above the $420.00 support level. Fundamentally, Ethereum is likely to be one of the main beneficiaries if Bitcoin rallies to a new all-time high.
The ETHUSD pair is only bullish while trading above the $400.00 level, key resistance is found at the $470.00 and the $495.00 levels.
If the ETHUSD pair trades below the $420.00, sellers may test the $395.00 and $390.00 support levels.
