Ethereum, the second largest cryptocurrency by market capitalisation has fallen back towards the $440 support level, after failing to move above the key $478 resistance level.
Ethereum had staged a strong recovery from the $395 level, clawing back close to twenty percent of its value. ETHUSD bulls will try to move price above the $450 level, while sellers will target below the $440 support level.
The ETHUSD pair is only intraday bullish while trading above the $450 level, further upside towards $478 and $498 remains possible.
If the ETHUSD pair moves below the $440 level, price may correct back towards the $424 and $408 support levels.