Ethereum continues to stage a recovery in early Monday trade after the second largest cryptocurrency found solid technical support from the $230.00 level. The next strong directional move in the ETHUSD pair will likely come when a confirmed breakout occurs from the $230.00 to $285.00 price range. Overall, bulls need to post a fresh yearly trading high to negate a potential double-top pattern formation on the lower time frames.
The ETHUSD pair is intraday bullish while trading above the $245.00 level, key resistance is found at the $285.00 and $325.00 levels. If the ETHUSD pair trades below the $245.00 level, key support is found at the $230.00 and $205.00 levels.