THELOGICALINDIAN - Ethereum is accepting bullish drive and it afresh activated the 250 attrition adjoin the US Dollar ETH amount is acceptable to abide college aloft the 255 and 260 attrition levels
Ethereum Price Gaining Traction
Yesterday, we discussed the affairs of Ethereum amount testing the $250 resistance. ETH amount did accretion bullish drive aloft the $245 akin and activated the $250 attrition zone.
A aerial is formed abreast $251 and the amount is trading able-bodied aloft the 100 alternate simple affective average. It is currently disturbing to accretion backbone aloft the $250 and $252 levels.
Ether amount activated the 23.6% Fib retracement akin of the contempo beachcomber from the $235 low to $251 high. The aboriginal above abutment on the downside is apparent abreast the $242 level. There is additionally a key bullish trend band basic with abutment abreast $242 on the alternate chart of ETH/USD.
The trend band is abutting to the 50% Fib retracement akin of the contempo beachcomber from the $235 low to $251 high. If there is a downside breach beneath the trend band support, there is a accident of added downsides beneath the $240 level.
On the upside, Ethereum charge accretion drive aloft the $250 attrition zone. An actual attrition is abreast the $255 level. The abutting above attrition is abreast the $265 level.
Any added assets could alpha a strong advancement move and the amount ability beat the $275 attrition to analysis $282 or alike $295 in the advancing days.
Downsides Could Be Limited in ETH
If Ethereum starts a downside correction, it is acceptable to acquisition bids abreast the $242 and $240 levels. The abutting above abutment is apparent abreast the $235 level.
Any added losses may conceivably advance the amount appear the $232 abutment area or the 100 alternate SMA, area the beasts are acceptable to booty a stand.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is accident drive in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now able-bodied aloft the 60 level, with a absolute bias.
Major Support Level – $242
Major Resistance Level – $255
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