- ETH failed to hold support at $865, falling to as low as $821.11
- It was unable to break through at the $900 level over the weekend
- A bullish trend has formed to test a new resistance at $846
ETH/USD Fails to Hold Support
ETH price reached the $900 mark over the weekend but was unable to break out further, after which it went on a bearish run. Since Monday, it began to fall below the previous support level of $865, trading at as low as $821.11.
However, there is still decent upside for the coin as a new bullish trend line is forming to test a resistance at $848. Given the recent movements, we should at least see ETH hover between $836 and $846 for a while before the next move up.
In addition, it looks like a major support can be established around $831, setting the boundary for a bullish zone in which declines would not end up below this point. The bullish trend is further confirmed by the RSI indicator, which is under 50 at the moment, but the short-term moving averages are trending in the opposite direction.
Looking at the Technical Indicators:
- RSI — Bullish signal as the RSI score is under 50
- Exponential Moving Average — Bearish crossover
- Major Support Level — $831
- Major Resistance Level — $846
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