Key Highlights:

Continuing from last week’s price decline, Ethereum (available on Coinbase) once again fell below the $700 mark
A major support level was established at $685, while there’s a major resistance at $705
ETH is currently on a minor bullish run, which could take the coin back above $700 later today

ETH/USD Falls Further, Testing $700 Once Again

After failing to maintain above $800 and falling back down below $700 for the third time in a week, Ethereum (available on Coinbase) is now testing the pivotal $700 price level once again.

A major support is held at $685 for ETH, while a resistance level of $705 has been tested. Its 20-day moving average dictates that further upward movement in the short term is possible.

Source: Tradingview

As for the technicals, the MACD indicator shows that ETH is in a bearish zone, but the bearish signal is not sTron (available on Binance)g. This could also be explained by the lack of trading volume for Ethereum (available on Coinbase).

Looking at the Technical Indicators:

Hourly MACD — ETH is in a bearish zone
Major Support Level — $685
Major Resistance Level — $705

Featured Image: twitter

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