ETH/USD found strong support near 500 levels and has bounced to 585 levels. It is currently trading at 559 levels at the time of writing (Coinbase).

On the upside, the pair faces stiff resistance at 589 (10-DMA) and a break above would target 603 (3h 90-EMA)/641 (50-DMA). Further strength would target 703 (200-DMA).

On the downside, immediate support is seen at 541 (1h 50-SMA) and any violation would see it testing 517 (1w 55-EMA)/500. Further weakness would drag it to 460 (78.6% retracement of 360 and 828.97)/407 (trend line joining 202.25 and 360).

Momentum studies: The pair has found strong support near 1w 55-EMA. On the daily chart, RSI has turned from near oversold levels and stochs are on the verge of a rollover from the oversold zone.

The pair’s upside is currently capped by 10-DMA and a break above would see minor bullishness.

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