Ethereum Price Watch – ETH/USD Breaks Past $550, Moving Higher

Ethereum

Key Highlights:

  • Ethereum price broke past the $550 level earlier this morning, now trading at around $575.

  • A major resistance level was established at $580 following this morning’s bullish run.

  • ETH/USD is now moving higher to test the resistance once again.

ETH/USD Moves Higher, Tests Major Resistance

On Thursday morning, Ethereum price moved past the $550 level, trading between $565 and $575 for the past few hours. A bullish trend line formed earlier in the morning, establishing a major resistance level at $580.

Currently, Ethereum is on another bullish run, looking to test the $580 resistance point once again. A break above that level could see ETH/USD ascend toward $600 and even surpass its 100-day moving average. There is positive momentum for this to happen.

On the downside, a reversal could take ETH/USD down toward its major support level of $565. Should that break down, a move back to $550 is plausible.

Ethereum Price Watch

Source: Tradingview

Looking at the technicals chart, the MACD indicator shows that a bearish trend is looming, while the RSI indicator places Ethereum in oversold territory.

>>Bitcoin Price Watch – May 30th, 2018

Looking at the Technical Indicators:

  • Hourly MACD — Bearish signal

  • Hourly RSI — Ethereum is in bullish territory

  • Major Resistance Level — $580

  • Major Support Level — $565

Featured Image: Depositphotos/© mdkhalil1

If You Liked This Article Click To Share

Products You May Like

Articles You May Like

Ethereum gas fees cool down after May memecoin frenzy
El Salvador’s Bitcoin miner Volcano Energy launches with $250M investment
SEC lawsuits squeeze net worths of Coinbase and Binance CEOs
Price analysis 6/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
Bitcoin, Ethereum to shake off ‘toothless adversary’ SEC as FOMC looms

Leave a Reply

Your email address will not be published. Required fields are marked *