- Ethereum price intraday upside is capped below the resistance at $580.
- The 50 SMA and the ascending trendline will provide support above $560.
Ethereum price has sustained above $550 on Thursday, besides it up 2.56% on the day. The crypto is, however, limited below the key resistance level at $580, but $570 is currently acting as the immediate support.
Earlier in the week, ETH/USD dipped and tested the key support at $500, but the brief bullish wave in the market rescued the battered bulls. The price broke above the 23.6% Fibo with the last high leg at $604 and a low of $506, but selling pressure kicked in at $583 leading to another slide. Ethereum price found support from the 200 SMA which coincided with the ascending trendline as observed on the chart.
The bulls have been pushing for higher consolidation, but they lack a fresh catalyst to boost to momentum. The MACD is moving slightly into the negative levels to show that the bears are battling for entry positions. A drop below the immediate support at $570 will be supported by the 50 SMA as well as the ascending trendline towards $560, moreover, $550 is a decent buy zone.
ETH/USD 15′ chart
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