ETHUSD COULD BE FORMING A HEAD AND SHOULDERS PATTERN

Ethereum is starting to lose short-term bullish momentum after the ETHUSD pair found strong technical resistance from the $240.00 level. Ethereum has reclaimed its place as the second largest cryptocurrency after its nearest rival Ripple suffered double-digit losses on Monday. If price continues to move lower the ETHUSD pair will start to create a bearish head and shoulders pattern.

The ETHUSD pair is only bullish while trading above the $215.00 level, key resistance is found at the $240.00 and $255.00 levels.

If the ETHUSD pair trades below the $215.00 level, sellers may test towards the $183.00 and $157.00 support levels.