Ethereum (ETHUSD) has performed well so far today. The important interim resistance level that has been noted here in recent sessions has not capped the topside any more. That was at 360 and had certainly defined the topside for the past few days, guarding against a further rebound. However, it has been taken out today and the price action on the move higher is entirely consistent with short covering and stops being triggered. The move through 360 today delivered an immediate and rapid rise to around 375. It has just stalled up there for the time being and is tracking a little lower right now. Understandably the 360 level should now provide support, where it had formerly offered resistance. However, the current mode is still corrective and likely to face further technical resistance levels above 400 should the current rebound continue. ETHUSD is just now trading at 367.90