Ethereum Price Watch | ETH/USD Slips Below $700, Testing Resistance

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Home^[1]Price Analysis ^[2]Ethereum ^[3]Ethereum Price Watch – ETH/USD Slips Below $700, Testing Resistance

Key Highlights:

Continuing from last week’s price decline, Ethereum 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 ^[4] and falling back down below $700 for the third time in a week, Ethereum 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 ^[5]

As for the technicals, the MACD indicator shows that ETH is in a bearish zone, but the bearish signal is not strong. This could also be explained by the lack of trading volume for Ethereum.