Ethereum price analysis: ETH/USD rejects support at $530, slides over 1% on the day, while the bulls hold the ground at $520
|- ETH/USD plummeted from trading above $600 to test the key support area at $500 during the recent declines.
- Stochastic is still in the oversold region but is pointing upwards to confirm the bullish trend.
Ethereum price is stuck within the confines of the ranging channel, although it has broken above the bearish trendline. The crypto has been flirting with the support area at $530 since yesterday. However, a brief bearish trend has smashed past the support area but managed to find another support at $520.
The digital assets are battling for higher consolidation after the recent declines before gathering the momentum to correct higher. Ethereum price was also a victim of the massive declines witness across the market over the weekend. ETH/USD plummeted from trading above $600 to test the key support area at $500.
The 50 SMA is currently moving towards the upper side of the longer term 100 SMA to which could also signal for more buying entries in the near-term. Similarly, the bullish momentum currently on the chart will encounter resistance from the moving averages close to $525 towards the former support zone at $530. However, the MACD is moving further into the negative region (-2) while the Stochastic is still in the oversold region but is pointing upwards to confirm the bullish trend. The immediate support is at $520, but further down $510, as well as $500, are key support areas.
ETH/USD 15 minutes chart
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