Ethereum still appears bullish over the short-term as the cryptocurrency holds above the technically important $240.00 support level. A bullish reversal pattern on the lower time frames is showing that a breakout above the $240.00 level could provoke a rally towards the $285.00 area. Traders should note that Ethereum shares a close correlation with its nearest rival, Bitcoin.
The ETHUSD pair is only bullish while trading above the $240.00 level, key resistance is found at the $250.00 and the $285.00 levels.
If the ETHUSD pair trades below the $240.00, sellers may test the $230.00 and $220.00 support levels.
