Ethereum Price Watch – ETH/USD Slips Below $700, Testing Resistance

Ethereum Price Watch

Key Highlights:

  • 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.

Ethereum Price Watch

Source: Tradingview

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

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