ETH/USD is holding well above 500 levels on Tuesday as it found support at 1w 55-EMA. It is currently trading at 523 levels at the time of writing (Coinbase).

On the upside, the pair faces resistance at 542 (1h 50-SMA) and a break above would target 572 (Cloud bottom)/600 (10-DMA). Further strength would target 638 (50-DMA)/650 (20-DMA).

On the downside, a decisive break below 515 (1w 55-EMA) would drag it to 500/460 (78.6% retracement of 360 and 828.97). Further weakness would target 406 (trend line joining 202.25 and 360).

According to TrustNodes, the price drop in Ether seen on May 28 was driven by a large sale of ETH on Bitfinex that they attribute to EOS, CoinTelegraph reported.

Momentum studies: Bias remains bearish on the daily chart with RSI near oversold levels, MACD line is below the signal line, and stochs at oversold levels. The pair is trading in a narrow range and intraday bias also appears bearish.

Watch out for a break below 1w 55 EMA for further downside in the pair.

[Update: The article has been edited to include para 4]

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