Ethereum has seen a strong upside recovery after the second-largest cryptocurrency by market capitalization dropped towards the $530.00 support level. Technical analysis on the lower time frames highlights that a complex inverted head and shoulders pattern may be forming. It is possible that the ETHUSD pair could still drop further if the BTCUSD pair fails to recover higher.
The ETHUSD pair is only bullish while trading above the $580.00 level, key resistance is found at the $640.00 and the $690.00 levels.
If the ETHUSD pair trades below the $580.00, sellers may test the $530.00 and $500.00 support levels.
