THELOGICALINDIAN - Ethereum amount is disturbing to accretion bullish drive adjoin the US Dollar and Bitcoin and now ETHUSD ability move bottomward appear 208
Ethereum Price Correction
Yesterday, we saw a rise in ETH amount appear the $231 akin adjoin the US Dollar. The amount traded as aerial as $231.39 afore starting a alteration beneath $225. First, there was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $188.80 low to $231.30 high. It opened the doors for an continued alteration beneath $220. Soon, yesterday’s accent abutting bullish trend band with abutment at $221-220 on the alternate blueprint of ETH/USD was broken.
The downside move was adequate by the 38.2% Fib retracement akin of the aftermost beachcomber from the $188.80 low to $231.30 aerial at $215. There is a concise application triangle with attrition abreast $218 is basic on the aforementioned chart. The amount may anon breach the arrangement and accomplish the abutting move. On the downside, the best important abutment is abreast $208. It was a resistance earlier, and now coincides with the 50% Fib retracement akin of the aftermost beachcomber from the $188.80 low to $231.30 aerial at $215.
So, alike if the amount moves down, it is acceptable to acquisition abutment abreast $208. The all-embracing bent is still bullish, but we can see some downside spikes in the abreast term.
Hourly MACD – The MACD is now affective in the bearish zone.
Hourly RSI – The RSI is currently aloof beneath the 50 level.
Major Support Level – $208
Major Resistance Level – $221
Charts address – SimpleFX
