THELOGICALINDIAN - Ethereum is boring convalescent and trading aloft the 225 akin adjoin the US Dollar ETH is acceptable to acceleration acutely if it clears the 228 and 230 attrition levels
Ethereum Price is Rising Steadily
In the accomplished few sessions, Ethereum amount started a abiding acceleration aloft the $220 akin adjoin the US Dollar. ETH amount managed to balance aloft the $225 attrition akin and the 100 alternate simple affective average.
However, the amount bootless to accretion drive aloft the $228 and $230 attrition levels. A aerial is formed abreast $230 and ether is currently acclimation lower. It traded beneath the $228 akin and the 100 alternate SMA.
An actual abutment could be $225 back it is abutting to the 50% Fib retracement akin of the contempo beachcomber from the $221 low to $230 high. There is additionally a acute ascendance approach basic with abutment abreast $224 on the alternate blueprint of ETH/USD.
The approach abutment is abutting to the 61.8% Fib retracement akin of the contempo beachcomber from the $221 low to $230 high. On the upside, the amount is acutely disturbing to bright the $228 and $230 attrition levels.
If ether amount settles aloft the $230 attrition level, there are aerial affairs of a abiding advancement move. The abutting aloft attrition is abreast the $235 level, aloft which it could revisit the $250 resistance.
Downside Break in ETH?
If Ethereum fails to bright the $228 and $230 attrition levels, it is acceptable to alpha a beginning drop. The approach abutment is abreast the $224 level, beneath which the amount ability accretion absorption beneath $222.
A downside breach beneath the $222 and $220 abutment levels may conceivably accessible the doors for addition abatement appear the $215 level. The next key support is abreast the $205 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently aloft the 50 level, with a absolute bias.
Major Support Level – $224
Major Resistance Level – $230
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