Ethereum price analysis: rising back is a promising sign.
- Although ETH price has been under immense bearish pressure lately, falling to as low as $574.42 today, it looks to be on the rise once again
- A bullish trend line is forming a resistance at $740
- ETH was able to hold a support level of $680 earlier today
Ethereum Going Back Up?
ETH — just like most cryptocurrencies — hasn’t been doing well over the past week, and signs were not overly promising until today.
Now, it seems a bullish trend has been formed, as the coin was able to hold a support of $680 and did not fall toward its 23.6% Fibonacci retracement level of $560 during the past few hours. An upside move today could see ETH testing a new resistance at $740.
In addition to a bullish trend, the Bollinger bands and MACD lines also give a cogent signal that ETH is moving up. At the time of writing, ETH is trading at $731.04 and gradually creeping towards the $740 resistance.
- An upward trend has formed (ETH now in bullish territory)
- Bullish signals sent by MACD indicator and Bollinger bands
- Major Resistance Level — $740
- Major Support Level — $680
Featured Image: Twitter