THELOGICALINDIAN - Ethereum nosedived beneath the 202 abutment area adjoin the US Dollar ETH amount revisited the 192 abutment and it seems like there is a key bifold basal arrangement basic abreast 192
Ethereum Price Could Recover Sharply
The accomplished few sessions saw a aciculate acceleration in affairs on Ethereum and bitcoin adjoin the US Dollar. BTC amount alone beneath the $9,250 abutment akin and ETH amount nosedived beneath the $200 handle to move into a bearish zone.
The contempo abatement was such that ether alike bankrupt the $195 akin and acclimatized beneath the 100 alternate simple affective average. However, the main $191-$192 abutment zone acted as a able buy zone.
A low is formed abreast the $191 akin and the amount is currently rising. It seems like there is a bifold arrangement basic abreast the $191-$192 zone. The amount is now trading aloft the 23.6% Fib retracement akin of the contempo bead from the $215 beat aerial to $192 beat low.
On the upside, there is a key hurdle basic abreast $202 and $204. There is additionally a key bearish trend band basic with attrition abreast $202 on the alternate chart of ETH/USD.
The trend band is abutting to the 50% Fib retracement akin of the contempo bead from the $215 beat aerial to $192 beat low. A acknowledged breach aloft the trend band and the $204 akin is bare to affirm a bifold basal pattern.
In the mentioned bullish case, there are aerial affairs of a abiding advancement move appear the $210 and $212 levels in the advancing sessions.
Another Failure?
If Ethereum fails to bright the $202 and $204 attrition levels, there could be addition decline. An antecedent abutment on the downside is apparent abreast the $195 level.
The capital supports are abreast the $192 and $191 levels. If the beasts abort to assure $191, the amount is acceptable to abatement acutely appear $182 and $180.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring accepting clip in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now convalescent accurately appear the 50 level.
Major Support Level – $192
Major Resistance Level – $204
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