THELOGICALINDIAN - Ethereum is currently accumulation aloft the 212 abutment breadth adjoin the US Dollar ETH amount charge ascend aloft 228 and 238 to alpha a able accretion in the abreast term
Ethereum Price Facing Hurdles
In the accomplished few sessions, Ethereum mostly traded in a ambit beneath the $228 and $230 levels adjoin the US Dollar. ETH amount seems to be accumulation in a application range, with attrition abreast the 100 alternate simple affective boilerplate and abutment abreast $212.
The contempo low was $212 and the amount is currently affective higher. It is testing the 50% Fib retracement akin of the downside acknowledgment from the $228 aerial to $212 low. On the upside, there are abounding key hurdles cat-and-mouse abreast the $225 and $228 levels.
An antecedent attrition is abreast the $222 level. It represents the 61.8% Fib retracement akin of the downside acknowledgment from the $228 aerial to $212 low. The aboriginal above hurdle for the beasts is abreast the $228 level.
More importantly, there is a key bearish trend band basic with attrition abreast $228 on the alternate chart of ETH/USD. Therefore, Ethereum could attempt to accretion bullish drive aloft the $225 and $228 levels.
The abutting aloft attrition is abreast the $238 akin (the blemish zone). A acknowledged abutting aloft the $238 akin could accessible the doors for a beyond advancement move in the abreast term. The abutting stop for the beasts may conceivably be $255 or alike $260.
Downside Break?
If Ethereum fails to balance aloft the $225 and $228 attrition levels, it ability alpha addition decline. On the downside, an antecedent abutment is abreast the $212 level.
If there is a downside breach beneath the $212 level, there is a accident of added losses beneath the $208 abutment area. The abutting above supports are apparent abreast the key $200 handle.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective into the bullish zone.
Hourly RSI – The RSI for ETH/USD is ascent and it is currently aloft the 50 level.
Major Support Level – $212
Major Resistance Level – $228
