THELOGICALINDIAN - Ethereum is currently trading aloft the 205 and 208 abutment levels adjoin the US Dollar ETH amount could alpha a able access if it clears the 215 and 216 attrition levels
Ethereum Price Holding Uptrend Support
Ethereum amount started a short appellation downside correction afterwards it bootless to bright the $216 attrition adjoin the US Dollar. ETH amount adapted lower and traded beneath the $212 abutment level.
The amount alike acicular beneath the $210 level, but it backward able-bodied aloft the 100 alternate simple affective average. During the decline, ether amount traded beneath the 50% Fib retracement akin of the advancement move from the $206 low to $216 high.
However, the beasts are currently arresting the $208 abutment zone. The 61.8% Fib retracement akin of the advancement move from the $206 low to $216 aerial is additionally acting as a key support.
It seems like yesterday’s above bullish trend band is alive with abutment abreast $210 on the alternate chart of ETH/USD. On the upside, an antecedent attrition is basic abreast the $214 akin and a abutting bearish trend line.
If there is a bright breach aloft the trend line, the amount could attack to beat the capital $215 and $216 attrition levels. A acknowledged abutting aloft the $216 akin is acceptable to accessible the doors for a strong advance appear the $225 and $230 levels in the abreast term.
Bearish Wave?
If Ethereum fails to bright the $215 and $216 attrition levels, there are affairs of an continued decline. The abutting abutment beneath the trend band is abreast the $206 akin and the 100 alternate simple affective average.
A downside breach beneath the $205-$206 abutment area could accessible the doors for a ample decline. In the mentioned case, the beasts may conceivably attempt to assure the $200 abutment zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently abreast the 50 level, with a bearish angle.
Major Support Level – $206
Major Resistance Level – $216
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