THELOGICALINDIAN - Ethereum amount is adverse a able attrition abreast 175 against the US Dollar while bitcoin is bleeding ETH amount is acceptable to resume its abatement if it break 165 and 160
Ethereum Price Analysis
Yesterday, we saw a awful abatement in bitcoin, Ethereum, ripple, and above added cryptocurrencies adjoin the US Dollar. ETH amount nosedived beneath the $185 abutment and traded abutting to the $150 level. Moreover, there was a abutting beneath the $180 akin and the 100 alternate simple affective average. A beat low was formed abreast $152 and the amount afresh started an upside correction.
It recovered aloft the $160 and $165 levels. Additionally, there was a breach aloft the 23.6% Fib retracement akin of the aftermost abatement from the $211 aerial to $152 low. The amount alike traded aloft the $170 level. However, it struggled to bright the $175 level. It seems like yesterday’s accent key bearish trend band is still alive with attrition abreast $172 on the alternate blueprint of ETH/USD.
If the amount break the trend band attrition and $175, there could be a appropriate recovery. The abutting key attrition is abreast the $182 level. It coincides with the 50% Fib retracement akin of the aftermost abatement from the $211 aerial to $152 low. However, the capital attrition for a trend change is abreast the $185 level. The declared $185 akin has acted as a abutment and resistances on abounding occasions. Therefore, a abutting aloft $185 is bare for a able recovery.
On the added hand, the amount could resume its abatement beneath $165. An actual abutment is abreast the $160 level. If there is a downside breach beneath the $160 level, the amount could advance appear the $150 akin in the advancing sessions.
Looking at the chart, Ethereum amount is acutely adverse a lot of hurdles on the upside abreast the $175 and $185 levels. As continued as the amount is trading beneath both $175 and $185, it charcoal at a accident of a beginning abatement appear $150 or alike lower.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is acceptable to move aback into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently affective lower appear the 40 level.
Major Support Level – $160
Major Resistance Level – $175
