THELOGICALINDIAN - Ethereum amount is boring affective into a bearish area against the US Dollar and bitcoin ETH amount charcoal at a accident of added losses as continued as it is beneath 130
Ethereum Price Analysis
After disturbing to break aloft the $130 support, Ethereum amount continued its abatement adjoin the US Dollar. ETH amount bankrupt the $128 and $126 abutment levels to move into a abbreviate appellation bearish zone.
Moreover, the price bankrupt the $125 abutment and the 100 alternate simple affective average. It traded to a new intraday low abreast $123 and it is currently acclimation higher.
There was a breach aloft the 23.6% Fib retracement akin of the contempo accelerate from the $130 aerial to $123 low. However, the amount is adverse a brace of key hurdles abreast the $126 and $128 levels.
Besides, the 50% Fib retracement akin of the contempo accelerate from the $130 aerial to $123 low is abreast the $126 level. More importantly, yesterday’s key bearish trend band is alive with attrition abreast $127 on the alternate blueprint of ETH/USD.
The trend band is additionally abutting to the 100 alternate SMA abreast $127. Therefore, a acknowledged abutting aloft the $126 and $128 levels is bare for a appropriate recovery. Additionally, the amount could alpha a able acceleration if it clears the $130 attrition area.
On the added hand, the amount ability abort to balance aloft the $128 and $130 attrition levels. In the mentioned case, there is a accident of added losses beneath the $123 low.
An antecedent abutment is abreast the $122 level, beneath which there are affairs of added downsides beneath the $120 abutment area. The abutting above buy area is apparent abreast the $116 and $115 levels.
Looking at the chart, Ethereum amount is boring axis bearish beneath the $128 and $130 levels. As continued as there is no abutting aloft the $130 level, there is a accident of a downside addendum beneath the $120 support. If not, it could assemblage appear $135 and $140.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now aloft the 40 level, with a few absolute signs.
Major Support Level – $122
Major Resistance Level – $128
