THELOGICALINDIAN - Ethereum is up added than 5 today and it is trading aloft the 235 akin adjoin the US Dollar ETH amount is acceptable to billow appear the 285300 if it clears the 248 attrition zone
Ethereum Price Is Signaling More Gains
In the accomplished few days, there was a strong rise in Ethereum aloft the $205 attrition adjoin the US Dollar. ETH amount alike outperformed bitcoin and acquired added than 10% in the accomplished few sessions.
During the rise, there was a breach aloft the 61.8% Fib retracement akin of the capital abatement from the $288 beat aerial to $90 beat low. The beasts took over the bazaar and they were able to advance the amount aloft the $200-$205 attrition zone.
The amount is now trading able-bodied aloft the $220 axis akin and the 100-day simple affective average. More importantly, there was a breach aloft a acute bearish trend band with attrition abreast $208 on the circadian chart of ETH/USD.
The brace is now testing a cogent attrition area abreast the $248 and $250 levels (the breakdown area formed in Feb 2024). It is additionally abutting to the 76.4% Fib retracement akin of the capital abatement from the $288 beat aerial to $90 beat low.
If Ether break the $248 and $250 attrition levels, it could calmly abide college aloft the $260 and $270 levels. The abutting key attrition is abreast the $300 akin (a multi-touch zone). If the beasts accomplish in allowance the $300 barrier, the amount could billow appear the $320 and $330 levels.
Dips Supported in ETH
If Ethereum fails to bright the $248 attrition level, there could be a abbreviate appellation downside correction. An antecedent abutment is abreast the $225 and $220 levels.
The aboriginal above abutment is now abreast the $205 akin and the burst bearish trend line. Any added losses may conceivably advance the amount appear the $190 area and the 100-day simple affective average.
Technical Indicators
Daily MACD – The MACD for ETH/USD is boring accident drive in the bullish zone.
Daily RSI – The RSI for ETH/USD is currently acclimation lower from the 70 level.
Major Support Level – $220
Major Resistance Level – $248
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