ETH Highlights:
A new resistance level has emerged from today’s price action
ETH price fell to a new low of $695.95 at the time of writing
A bearish trend has been established, breaking the $880 support established last week
Previously, we’ve established a support level of $880, which was obviously broken down as ETH began to sink over the weekend. In fact, the downside movement was able to slip below two possible support levels at $760 and $700.
The $760 price point is considered a Fibonacci retracement support at 23.6%, so with today’s plunge, we have to see if ETH could hold at around $660 and test a new resistance of $715.
Source: Tradingview
The bad news for ETH investors is that the coin’s price has been below the lower Bollinger band (as shown in the graph), so further declines appear to be a real possibility. Observing ETH price trends in the past few hours, a support of $640 must be a point of focus to further dissect the information we have.
In Summary:
Current downward trend shows a support of $640
A new resistance level of $720 is established
Bollinger bands pushing ETH into bearish zone
Featured Image: Depositphotos/© perig76
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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.