Key Highlights:

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 (available on Coinbase) 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.

Source: Tradingview

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 sTron (available on Binance)g for the past hours
Major Support Level — $784
Major Resistance Level — $812

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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.