Ethereum is struggling to form a new weekly and monthly trading high, further increasing the chances of a short-term pullback. Continued weakness below the $580.00 resistance level could see the ETHUSD pair falling towards the $530.00 area. Technical analysis shows that medium to long-term traders is likely to remain bullish towards the ETHUSD pair while price trades above the $480.00 level.
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 $550.00 and $530.00 support levels.
