THELOGICALINDIAN - Ethereum is trading in a ambit aloft the 240 abutment arena adjoin the US Dollar ETH amount is acceptable to end the accepted alliance and assemblage aloft the 250 resistance
Ethereum Price Holding Key Supports
Ethereum amount traded in a acute ambit aloft the main $240 abutment zone. ETH revisited the ambit abutment at $240 afresh and it is currently affective higher.
It seems to be trading accurately aloft the $242 akin and the 100 alternate simple affective average. There was a breach aloft the 50% Fib retracement akin of the contempo abatement from the $248 beat aerial to $240 low.
However, the $245 akin is currently acting as a resistance. There is additionally a key bearish trend band basic with attrition abreast $245 on the alternate chart of ETH/USD. The trend band is abutting to the 61.8% Fib retracement akin of the contempo abatement from the $248 beat aerial to $240 low.
If there is an upside breach aloft the trend line, ether amount could accomplish addition attack to bright the $248 and $250 attrition levels. A acknowledged abutting aloft the $250 attrition is bare for a abiding advancement move.
In the mentioned bullish case, there are affairs of a aciculate 8% to 15% acceleration appear the $265 and $280 levels in the abreast term.
Bearish Break in ETH
On the downside, there is a key breakdown abutment basic abreast the $240 akin and the 100 alternate simple affective average. If Ethereum settles beneath the $240 level, there is a accident of a aciculate decline.
An antecedent abutment afterwards the breakdown could be abreast the $230 level, beneath which the bears are acceptable to aim a analysis of the $220 level. Any added losses could advance the amount appear the $205 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective in the bullish 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.
