February 7, 2018 – daily Ethereum (available on Coinbase) Price Analysis.

Key Highlights:

ETH lifted off from the $800 support level earlier today
Ethereum (available on Coinbase) is now in bullish territory, heading toward a resistance level of $850
The Bollinger bands are also showing that another daily high could transpire

Ethereum (available on Coinbase) Testing New Resistance At $850

ETH was able to break through the $740 resistance level from yesterday and lifted off from there to above $800. The $800 price point can be considered a major support level for today.

Currently, ETH is trading at $846.38, recovering its losses the past two days, and the coin is now testing a new resistance level of $850.

Source: Tradingview

Looking at the MACD indicator, ETH is now in bullish territory as the MACD line has just crossed the signal line. The Bollinger bands also confirm this notion, with a chance the ETH could even move beyond today’s high of $851.20. As well, there was an extensive volume spike an hour ago that prompted a price surge.

In Summary:

ETH is now in bullish territory — reaffirmed by the MACD indicator and Bollinger bands
ETH price could surpass today’s high of $851.20 later on
Major Resistance Level — $850
Major Support Level — $800

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.