Ethereum has started to correct lower after bulls failed to sustain the second-largest cryptocurrency above the pivotal $1,400 resistance level. Technical analysis highlights that further downside in the ETHUSD pair could take place if they fail to hold the daily candle above the $1,340 level. Traders will turn more bullish towards the ETHUSD pair once the daily candle starts closing above the $1,400 level.
The ETHUSD pair is only bullish while trading above the $1,340 level, key resistance is found at the $1,400 and the $1,440 levels.
If the ETHUSD pair trades below the $1,340, sellers may test the $1,200 and $1,100.00 support levels.