ETHUSD rejected from $220.00

Ethereum has once again been rejected from the $220.00 level after bouncing sharply from its weekly pivot point on Wednesday. Technical failure before the $220.00 level is likely to prompt yet another critical technical test of $200.00 support zone. A sustained break below the $200.00 level should prompt a strong move lower towards at least the $185.00 resistance level.

If the ETHUSD pair trades above the $220.00 level, key resistance is found at the $235.00 and $250.00 levels.
If the ETHUSD pair trades below the $220.00 level, key support is found at the $200.00 and $185.00 levels.