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

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