- Ethereum recovered from its three-month low, now trading at around $530
- Risk still remains, as investors could still be looking to “dump” ETH even more
- ETH is currently on a bullish run, breaking above the $530 level as of now
ETH/USD Bounces Back, But Further Risks Ahead
Ethereum price bounced back from its three-month low of $470, now trading at around $530. However, a risk remains as the SEC continues its probe into several ICOs, while the Ethereum blockchain still serves as a platform for token creation. As a result, more investors could be looking to “dump” the coin amid a market-wide selloff.
ETH is currently on a bullish run, heading toward $540. Should it surpass that level, ETH could head further up toward its major resistance of $555. A support of $525 has been established previously.
A bullish signal has also been shown in the MACD graph. A crossover is materializing between the signal line and the MACD line. The moving averages also display a weak bullish signal for ETH.
Looking at the Technical Indicators:
- Hourly MACD — Bullish signal
- Major Support Level — $525
- Major Resistance Level — $555
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