Ethereum is look uncertain in the short-term, following a reversal in Bitcoin and a heavy decline from the $1,860 resistance over the weekend. The four-hour time frame shows that the ETHUSD pair could suffer heavy losses if the price falls below the $1,720 level. The $1,720 level is important because it the neckline of a head and shoulders pattern and the location of the 200-period moving average on the four-hour time frame.
The ETHUSD pair is only bullish while trading above the $1,720 level, key resistance is found at the $1,820 and the $1,860 levels.
If the ETHUSD pair trades below the $1,720 level, sellers may test the $1,640 and $1,550 levels.
