Ethereum Price Analysis | ETH/USD Rising Back Up?

Ethereum price analysis: rising back is a promising sign.

Key Highlights:

  • Although ETH price has been under immense bearish pressure lately, falling to as low as $574.42 today, it looks to be on the rise once again
  • A bullish trend line is forming a resistance at $740
  • ETH was able to hold a support level of $680 earlier today

Ethereum Going Back Up?

ETH — just like most cryptocurrencies — hasn’t been doing well over the past week, and signs were not overly promising until today.

Now, it seems a bullish trend has been formed, as the coin was able to hold a support of $680 and did not fall toward its 23.6% Fibonacci retracement level of $560 during the past few hours. An upside move today could see ETH testing a new resistance at $740.

Ethereum Price Analysis

Source: Tradingview

In addition to a bullish trend, the Bollinger bands and MACD lines also give a cogent signal that ETH is moving up. At the time of writing, ETH is trading at $731.04 and gradually creeping towards the $740 resistance.

In Summary:

  • An upward trend has formed (ETH now in bullish territory)
  • Bullish signals sent by MACD indicator and Bollinger bands
  • Major Resistance Level — $740
  • Major Support Level — $680

Featured Image: Twitter

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