Ethereum Price Analysis: ETH/USD Back Below $700

Key HighlightsETH price failed to extend gains above the $724 level and started a downside move against the US Dollar.Yesterday’s highlighted important bullish trend line with support at $707 was broken on the hourly chart of ETH/USD (data feed via Kraken).The pair is now well below $700 and the 100 hourly simple moving average, which is a bearish sign.Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD broke a key support at $708 and it may well trade below $680 in the near term.Ethereum Price TrendAfter a failure to move above the $724-725 resistance, ETH price started a downside move against the US Dollar. The price declined and moved below the $710 and $700 support levels.

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