Ethereum has suffered another heavy technical rejection above the $350.00 level, placing the $330.00 support area back into focus. Lower time frame technical analysis shows that the ETHUSD pair could drop towards the $310.00 area if the $330.00 level is broken. Overall, ETHUSD may need Bitcoin to rally above the $11,000 in order to encourage traders to buy other top altcoins.
The ETHUSD pair is only bullish while trading above the $350.00 level, key resistance is found at the $365.00 and the $380.00 levels.
If the ETHUSD pair trades below the $350.00, sellers may test the $330.00 and $310.00 support levels.