- Continuing from last week’s price decline, Ethereum once again fell below the $700 mark
- A major support level was established at $685, while there’s a major resistance at $705
- ETH is currently on a minor bullish run, which could take the coin back above $700 later today
ETH/USD Falls Further, Testing $700 Once Again
After failing to maintain above $800 and falling back down below $700 for the third time in a week, Ethereum is now testing the pivotal $700 price level once again.
A major support is held at $685 for ETH, while a resistance level of $705 has been tested. Its 20-day moving average dictates that further upward movement in the short term is possible.
As for the technicals, the MACD indicator shows that ETH is in a bearish zone, but the bearish signal is not strong. This could also be explained by the lack of trading volume for Ethereum.
Looking at the Technical Indicators:
- Hourly MACD — ETH is in a bearish zone
- Major Support Level — $685
- Major Resistance Level — $705
Featured Image: twitter