Important spot for ETHUSD

ETHUSD recently broke the short-term downtrend line and turned higher. It is now testing resistance from the head and shoulders breakdown. Bitcoin and Ethereum have a knack for turning these head and shoulders (topping) patterns into failed breakdown (continuation) patterns. We need to see if price can firm up at resistance. If it does, a break above the right shoulder should give confirmation of impending 52-week highs. More aggressive traders will likely long a break of $265.