Ethereum Price Watch – ETH/USD Breaks Above $550, Holds Support

Ethereum

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.

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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.

Ethereum Price Watch

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

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