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.
Looking at the technicals chart, the MACD indicator shows that a bearish trend is looming, while the RSI indicator places Ethereum in oversold territory.
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
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.