THELOGICALINDIAN - Ethereum amount has started a alteration adjoin the US Dollar and Bitcoin and now ETHUSD may move bottomward and analysis the 100 SMA or 266
Ethereum Price Support
Recently, we saw a rise in ETH amount aloft $300 adjoin the US Dollar. A new account aerial was formed abreast $317 area sellers emerged and pushed the amount lower. It looks like a alteration beachcomber is initialized and the amount may abatement appear $270-260. It is currently beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $202 low to $317 high.
At the moment, the ETH/USD brace is currently attempting a breach beneath a bullish trend band with abutment at $284 on the alternate chart. It the brace succeeds in a abutting beneath the trend band abutment at $284, there are affairs of added declines in the abreast term. The abutting abutment is about the 38.2% Fib retracement akin of the aftermost beachcomber from the $202 low to $317 aerial at $273. However, the best important abutment is abreast the 100 alternate simple affective average at $266.
Any added declines or corrections should be bound by the 50% Fib retracement akin of the aftermost beachcomber from the $202 low to $317 high. On the upside, the there is a accessory abutting bearish trend band at $292. It may act as a concise hurdle for assets aloft $300.
Hourly MACD – The MACD is boring affective into the bearish zone.
Hourly RSI – The RSI is now beneath the 50 akin and branch lower.
Major Support Level – $266
Major Resistance Level – $292
Charts address – SimpleFX
