We like Ethereum because it is trading above its April lows. This shows mild outperformance. If the bears fail to break below the June 29 low of $404.99 within the next couple of days, we anticipate a move to $500.
Once above $500, the digital currency should attract buyers, pushing the price towards $600, with a minor resistance at $550.
If the bears drive the ETH/USD pair below $404.99 within the next couple of days, the drop can extend to $358.
We might recommend long positions on a breakout above $500.