Ethereum is under heavy selling pressure as the second largest cryptocurrency by market capitalization trades around the $ 380.00 support level. Technical analysis shows that a large head and shoulder pattern has formed over the lower time frame. A split below the $ 365.00 level could cause the ETHUSD pair to fall towards the $ 300.00 level and possibly the $ 275.00 level.
The ETHUSD pair is only bullish while trading above the $ 395.00 level, key resistance is at the $ 415.00 and $ 440.00 levels.
If the ETHUSD pair trades below $ 395.00, sellers can test support levels of $ 300.00 and $ 295.00.