Ethereum Price Analysis – ETH/USD New Resistance At $850

Ethereum Price Analysis

February 7, 2018 – daily Ethereum Price Analysis.

Key Highlights:

  • ETH lifted off from the $800 support level earlier today
  • Ethereum is now in bullish territory, heading toward a resistance level of $850
  • The Bollinger bands are also showing that another daily high could transpire

Ethereum Testing New Resistance At $850

ETH was able to break through the $740 resistance level from yesterday and lifted off from there to above $800. The $800 price point can be considered a major support level for today.

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Currently, ETH is trading at $846.38, recovering its losses the past two days, and the coin is now testing a new resistance level of $850.

Ethereum Price Analysis

Source: Tradingview

Looking at the MACD indicator, ETH is now in bullish territory as the MACD line has just crossed the signal line. The Bollinger bands also confirm this notion, with a chance the ETH could even move beyond today’s high of $851.20. As well, there was an extensive volume spike an hour ago that prompted a price surge.

In Summary:

  • ETH is now in bullish territory — reaffirmed by the MACD indicator and Bollinger bands
  • ETH price could surpass today’s high of $851.20 later on
  • Major Resistance Level — $850
  • Major Support Level — $800

Featured Image: Depositphotos/© perig76

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