Key Highlights:
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Ethereum price broke past the $550 level earlier this morning, now trading at around $575.
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A major resistance level was established at $580 following this morning’s bullish run.
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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.
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.
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Looking at the Technical Indicators:
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Hourly MACD — Bearish signal
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Hourly RSI — Ethereum is in bullish territory
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Major Resistance Level — $580
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Major Support Level — $565
Featured Image: Depositphotos/© mdkhalil1
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.