Ethereum has surged to a new multi-year high over the weekend, with the second-largest crypto reaching the $560.00 area. The ETHUSD pair has subsequently pulled back after a bearish head and shoulders pattern was activated. Technical analysis highlights that the ETHUSD pair could still rally towards the $600.00 level due to the presence of a large bullish pattern than has yet to reach its upside target.
The ETHUSD pair is only bullish while trading above the $515.00 level, key resistance is found at the $560.00 and the $600.00 levels.
If the ETHUSD pair trades below the $515.00, sellers may test the $490.00 and $460.00 support levels.
