Ethereum price watch: Ethereum edges higher today.
Ethereum price moved up by about 5% on Tuesday morning, reaching a seven-day high of $548.80.
ETH/USD is currently on a major bullish run to test a resistance at $550.
The cryptocurrency market continued its recovery from last week, adding $12 billion in 24 hours.
Ethereum Price Watch: ETH/USD Edges Higher, Hits Weekly High
Ethereum price edged higher on Tuesday morning, hitting a weekly high of $548.80. Currently, ETH/USD is in the $530-$540 price range. A major support has been established at the lower band of this trading range at $530.
ETH/USD has been on a major bullish run since the open, testing a major resistance at $550. A break above that is unlikely as there are some signs of pullback toward the support. However, the entire cryptocurrency market is still on a path to recovery from last week, adding $12 billion in the past 24 hours, and further bull runs are almost inevitable. On the downside, a movement below $530 could take Ethereum price down to a retracement level of $505.
As for the technicals, the MACD is showing a weak bearish signal, while the RSI indicator puts Ethereum in a severely oversold territory. Trading volume has slowed down in the past few hours.
Looking at the Technical Indicators:
Hourly MACD — Bearish signal
Hourly RSI — Ethereum is in oversold territory
Major Resistance Level — $550
Major Support Level — $530
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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.