ETHUSD Breakout Underway

Ethereum has broken above key trendline resistance, around the $ 1,610 level, following a powerful recovery in Bitcoin from the lows of the week. The $ 1,740 and $ 1,800 levels are the near-term target for the ETHUSD pair while the price holds above the $ 1,610 level. The Parabolic SAR indicator shows that the trend on the daily time frame will only turn bullish if ETHUSD moves above the $ 1,800 level.

The ETHUSD pair is only bullish while trading above the $ 1,610 level, key resistance is found at the $ 1,740 and the $ 1,800 levels.

If the ETHUSD pair trades below the $ 1,610, sellers may test the $ 1,500 and $ 1,400 support levels.