Ethereum is trading above the $180.00 level as the recent rally in the cryptocurrency market has helped return the ETHUSD pair's short-term bullish status. The four-hour time frame shows that a breakout above the $198.00 level could propel the ETHUSD pair towards the $240.00 level. Only a sustained move below the $170.00 level will negate the ETHUSD pair bullish outlook.
• If the ETHUSD pair trades above the $198.00 level, key resistance is found at the $210.00 and $240.00 levels. • If the ETHUSD pair trades below the $198.00 level, key support is found at the $180.00 and $170.00 levels.