THELOGICALINDIAN - Ethereum is afterward a bearish arrangement and it afresh bootless to beat 240 adjoin the US Dollar ETH amount is acceptable to abide lower and it may anon retest the 200 abutment zone
Ethereum Price Gaining Bearish Momentum
In the weekly analysis, we discussed the accent of the $240 attrition for Ethereum amount adjoin the US Dollar. ETH fabricated a few attempts to bright the $240 resistance, but it bootless to abide higher.
As a result, there was a aciculate abatement beneath the $230 abutment and the amount acclimatized beneath the 100 alternate simple affective average. The abatement was such that the amount bankrupt the $225 beat low and traded to a new account low at $218.
It is currently accumulation losses abreast the $220 level. An antecedent attrition is abreast the $224 level. It is abutting to the 23.6% Fib retracement akin of the contempo bead from the $240 beat aerial to $218 low.
The aboriginal key resistance for ether amount is abreast the $230 level. There is additionally a key bearish trend band basic with attrition abreast $230 on the alternate chart of ETH/USD. The trend band is abutting to the 50% Fib retracement akin of the contempo bead from the $240 beat aerial to $218 low.
On the downside, the contempo low abreast the $218 akin is a concise support. A bright breach beneath the $218 akin ability accessible the doors for added losses beneath the $215 level. The abutting above abutment is apparent abreast the $205 and $200 levels.
Chances of Recovery in ETH?
Ethereum is acutely adverse abounding hurdles abreast the $228 and $230 level. The aboriginal above attrition is abreast the $235 akin and the 100 alternate SMA.
The capital attrition is still abreast the $240 level, aloft which the amount ability alpha a appropriate advancement move in the abreast term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring accepting clip in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now able-bodied beneath the 30 level, with oversold conditions.
Major Support Level – $215
Major Resistance Level – $230
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