Ethereum remains under pressure below the $580.00 level in the short-term, although the medium and long-term trend is still extremely bullish. Technical analysis on the lower time frame shows that a bullish reversal pattern appears to be taking shape at the moment. ETHUSD dip-buyers may be looking for a pullback towards the $500.00 area to enter into the prevailing uptrend.
The ETHUSD pair is only bullish while trading above the $560.00 level, key resistance is found at the $620.00 and the $6400.00 levels.
If the ETHUSD pair trades below the $560.00, sellers may test the $520.00 and $500.00 support levels.
