THELOGICALINDIAN - Ethereum is up abutting to 4 and it surpassed the 240 attrition area adjoin the US Dollar ETH amount is acceptable to abide college appear the 250 and 255 attrition levels
Ethereum Price Resumes Uptrend
Yesterday, we saw a aciculate abatement in Ethereum amount beneath the $240 support. ETH amount alike acicular beneath the $230 abutment and the 100 alternate simple affective average.
Finally, it begin abutment abreast $220 and afresh started a beginning increase. There was a breach aloft the $230 and $235 levels. Ether alike managed to accost the $240 attrition and acclimatized accurately aloft the 100 alternate simple affective average.
It traded as aerial as $246 and it is currently consolidating gains. An antecedent abutment is abreast the $242 level. The 23.6% Fib retracement akin of the contempo acceleration from the $218 beat low to $246 aerial is additionally abreast the $240 support.
More importantly, it seems like there is a ascent approach basic with abutment abreast $242 on the alternate chart of ETH/USD. On the upside, an antecedent attrition is abreast the $250 akin and the approach high trend line.
If the amount clears the $250 resistance, it is acceptable to abide college appear the $255 level. Any added assets ability alarm for a analysis of the $262 akin or alike $268.
Fresh Decrease in ETH?
If Ethereum fails to break aloft the $242 and $240 abutment levels, it could alpha a beginning decline. The abutting above abutment is apparent abreast the $232 akin or the 50% Fib retracement akin of the contempo acceleration from the $218 beat low to $246 high.
A downside breach beneath the $232 and $230 abutment levels could advance abatement and the amount may conceivably revisit the $218 beat low.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is accident clip in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now able-bodied aloft the 50 level, with a absolute bias.
Major Support Level – $240
Major Resistance Level – $250
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
