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

Key Highlights:

  • Ethereum worth has bounced again above $550, holding down a key assist at that worth degree.
  • Earlier within the day, ETH/USD shaped two bullish pattern traces, the latter of which examined a resistance degree at $575.
  • ETH/USD had a reversal from its newest bearish run on the $550 assist.

Ethereum Holds Help At $550

On Tuesday morning, Ethereum worth recovered from its current low of $505, returning above the $550 worth level and holding agency assist at that degree. ETH/USD shaped two bullish pattern traces earlier this morning, which took Ethereum worth to as excessive as $575. Though a bearish pattern line was later shaped, a reversal on the assist despatched Ethereum worth again to $555 and approaching $560.

Wanting on the newest worth actions, a run at $560 is extremely doable as indicated by the candlestick patterns and transferring averages. On the draw back, a break under $550 might take ETH/USD additional all the way down to the $520 degree that initiated the 2 bullish pattern traces.

Ethereum Price Watch

Supply: Tradingview

From the technicals chart, the MACD line is at present exhibiting a bearish sign, whereas the RSI indicator places Ethereum in neither overbought or oversold territory. Buying and selling quantity has additionally subsided in current hours.

Wanting on the Technical Indicators:

  • Hourly MACD — Bearish sign
  • Hourly RSI — Impartial
  • Main Resistance Stage — $575
  • Main Help Stage — $550

Featured Picture: twitter

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