Key Highlights:
- Ethereum price has bounced back above $550, holding down a key support at that price level.
- Earlier in the day, ETH/USD formed two bullish trend lines, the latter of which tested a resistance level at $575.
- ETH/USD had a reversal from its latest bearish run at the $550 support.
Ethereum Holds Support At $550
On Tuesday morning, Ethereum price recovered from its recent low of $505, returning above the $550 price point and holding firm support at that level. ETH/USD formed two bullish trend lines earlier this morning, which took Ethereum price to as high as $575. Although a bearish trend line was later formed, a reversal at the support sent Ethereum price back to $555 and approaching $560.
Looking at the latest price movements, a run at $560 is highly possible as indicated by the candlestick patterns and moving averages. On the downside, a break below $550 may take ETH/USD further down to the $520 level that initiated the two bullish trend lines.
Source: Tradingview
From the technicals chart, the MACD line is currently showing a bearish signal, while the RSI indicator puts Ethereum in neither overbought or oversold territory. Trading volume has also subsided in recent hours.
Looking at the Technical Indicators:
- Hourly MACD — Bearish signal
- Hourly RSI — Neutral
- Major Resistance Level — $575
- Major Support Level — $550
Featured Image: twitter
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.
