Ethereum (available on Coinbase) 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 (available on Coinbase) 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.

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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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.