Chart from Sigma by Hydra X ETHUSD broke and closed convincingly clear of the $175-180 resistance zone on 11 May. Price action is currently capped by the upper bounds of an ascending channel, and more importantly, a cluster of sellers at the psychological $200 level. $200 is a key level for the pair. Should ETHUSD succeed in breaking and holding above, this would form a bullish case. Chart from Sigma by Hydra X We are currently monitoring two alternative scenarios: (1) a bullish breakout of a long-term ascending triangle, which a close above $200 would validate. Chart from Sigma by Hydra X Of note also is that after tracking BTC prices closely for most of the past six months, ETHUSD is lagging behind the recent BTC push. It could be overdue for a catchup rally. (2) Alternatively, we see also the formation of an extended rising wedge; should ETHUSD fail at $200 levels, a further breakdown below the bottom trend line of the rising wedge would be ominous for the pair. Chart from Sigma by Hydra X