THELOGICALINDIAN - Ethereum amount continued losses afresh against the US Dollar and bitcoin ETH ability abide beneath burden in the abbreviate appellation but it will best acceptable animation aback from 155 or 150
Ethereum Price Analysis
Yesterday, we saw a appropriate backlash in Ethereum amount aloft the $165 and $166 levels adjoin the US Dollar. The ETH/USD brace alike activated the $170 level, area sellers emerged and adequate added upsides. There was a topping arrangement formed abreast $170 and after the amount started a beginning decline. It bankrupt the $165 and $160 abutment levels to access a bearish zone. The abatement was such that the amount alike bankrupt the aftermost beat low at $160 and acclimatized beneath the 100 alternate simple affective average.
A new account low was formed at $155 afore the amount started a beginning rebound. It recovered aloft the $160 akin and the 23.6% Fib retracement akin of the contempo abatement from the $170 aerial to $150 low. An actual attrition is abreast the $162-163 area. It represents the 50% Fib retracement akin of the contempo abatement from the $170 aerial to $150 low. Besides, there is a key bearish trend band in abode with attrition at $166 on the alternate blueprint of ETH/USD.
Therefore, if the amount corrects college aloft $163, it could face sellers abreast the $166 level. If beasts abort to advance the amount aloft the $166 resistance, there could be addition decline. On the downside, there are two important supports abreast $155 and $150. As continued as the amount is aloft these supports, there could be a able improvement aloft $165 and $170 in the advancing days.
Looking at the chart, Ethereum amount is assuming a few bearish signs beneath $166 and $170. Therefore, there are aerial affairs of a downside advance appear the $155 and $150 levels afore a beginning increase. On the upside, a breach aloft the trend band attrition ability advance the amount appear the $170 attrition area.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently placed in the bearish zone, with abrogating signs.
Hourly RSI – The RSI for ETH/USD bounced aback aloft 35, but it is able-bodied beneath the 50 level.
Major Support Level – $155
Major Resistance Level – $166
