Ethereum (ETH) nears resistance between $530-$550

Ethereum (ETH) found bid support sub $500 and v-bottomed. As it stands, ETH is at $530 and is nearing short term resistance around $540-$550. Considering the overall bearish market, Ethereum seems poised to turn back down in the near term to $490-$500.

Scalping sub-500 Ethereum has thus far proven to be a profitable trade; however, I am not certain that this will be the case the next go-round. In any case, buying into extreme weakness for a short scalp is still a good play; but, the next level to scalp seems likely to be well below $495.