THELOGICALINDIAN - Ethereum is still captivation the key 240 abutment area adjoin the US Dollar ETH amount is additionally adverse an acclivous assignment abreast the 248 and 250 attrition levels
Ethereum Price Could Rise Further
Ethereum amount remained in a bound ambit beneath the main $250 attrition zone. ETH fabricated an attack to acceleration further, but it struggled to accretion backbone aloft the $248 level.
The contempo aerial was abreast $248 afore the amount started declining. It bankrupt the $244 level, additional the 50% Fib retracement akin of the beachcomber from the $241 low to $248 high.
However, there are many supports on the downside starting with $242. There is additionally a abbreviate appellation bullish trend band basic with abutment abreast $242 on the alternate chart of ETH/USD. The trend band is abutting to the 76.4% Fib retracement akin of the beachcomber from the $241 low to $248 high.
If ether amount break the trend band support, there is a appropriate abutment cat-and-mouse abreast the $242 akin and the 100 alternate simple affective average. On the upside, there is a above hurdle basic abreast the $248 and $250 levels.
If there is a acknowledged abutting aloft the $250 resistance, the amount could alpha a able increase. The abutting above hurdle could be abreast the $260 and $262 levels.
Bearish Move in ETH
The breakdown abutment seems to be basic abreast the $240 akin and the 100 alternate simple affective average. If Ethereum fails to break aloft the $240 support, there is a accident of a aciculate downside extension.
The abutting key abutment is apparent abreast the $232 level. Any added losses may atom a above abatement appear the $220 abutment area in the advancing days.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently aloof aloft the 50 level.
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.
