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