Key Highlights:

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.

Source: Tradingview

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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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.