- Ethereum up on the day, but not enough yet.
- Finds support at the lower level, but stiff resistance ahead.
Ethereum the second largest cryptocurrency, trading green on the day, has managed to find some support at the lower level but bulls can’t rejoice yet on this small bounce as there’s a stiff resistance just above the current price levels.
ETH/USD is up nearly 2 percent at $496, exactly 2 percent above the low point of the day. On the hourly chart there is a descending trendline that has been forcing the prices to stay underneath ever since this sell-off began last week.
At current prices the reistance is now placed at $504 while ETH managed to bounce off from just under $450, which was also its earlier low in April that did not sustain.
ETH/USD 60-minute chart:
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