- ETH is now on a new bullish trend after falling to a daily low of $755.84
- A new resistance level of $812, which has been tested twice today
- ETH could be set to break above $800 in the next hours
Ethereum Forming New Bullish Trend
Following yesterday’s price movements, ETH was able to break above $800 until a major bearish trend line formed during the previous hours despite market sentiment improving for most cryptocurrencies.
However, a new bullish trend has just formed, and it seems like ETH price already hit its bottom for today. A new resistance that needs to be tested is $812, though a failure to hold that could mean ETH will fluctuate between $795 and $805 for a while. Breaking above $800 is a reasonable expectation at this point.
Although ETH reached a high of $845.09 today, it is unlikely that will be repeated until a few more resistance points are tested. The current bullish trend could only take the coin to as high as $815.
Looking at the Technical Indicators:
- MACD — A weak bullish signal
- Volume — volume hasn’t been strong for the past hours
- Major Support Level — $784
- Major Resistance Level — $812
Featured Image: Depositphotos/© rclassenlayouts