THELOGICALINDIAN - Ethereum amount remained beneath above attrition levels adjoin the US Dollar and bitcoin ETH bootless to accretion absorption admitting SECs Chairman Reaffirmation that it is not a security
Ethereum Price Analysis
Recently, ETH amount recovered accurately afterwards trading appear the $127 akin adjoin the US Dollar. The ETH/USD brace formed a low aloof aloft the $127 akin and after adapted aloft the $129 attrition level. It alike jumped aloft the $130 akin and the 50% Fib retracement akin of the aftermost accelerate from the $135 aerial to $127 beat low. However, the upside move was capped by the $134 attrition akin and the 100 alternate simple affective average. There were a brace of spikes abreast the $134 attrition afore the amount adapted lower.
It beneath beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $127 beat low to $134 high. The amount beneath beneath the $132 level, but the $131 akin acted as a appropriate support. Besides, the 50% Fib retracement akin of the contempo beachcomber from the $127 beat low to $134 aerial provided support. There was a beginning upside move, but the amount is still adverse a able attrition abreast $134 and the 100 alternate SMA. More importantly, this week’s key bearish trend line is in abode with attrition at $133 on the alternate blueprint of ETH/USD.
Therefore, a able breach aloft the trend line, the 100 alternate SMA, and the $134 attrition is charge for added gains. The abutting key attrition is at $136, aloft which the amount may analysis $139. On the added hand, if the amount fails to ascend aloft $134, it could abatement afresh beneath the $131 support.
Looking at the chart, ETH amount is acutely adverse a able attrition abreast the $133-134 area. As continued as sellers accumulate the amount beneath the $134 level, there is a accident of added losses in the abreast term. If not, thee amount could assemblage aloft the $136 akin and revisit the $139-140 attrition area.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently collapsed in the bearish zone.
Hourly RSI – The RSI for ETH/USD afresh confused lower from the 55 akin and it is currently abreast 50.
Major Support Level – $130
Major Resistance Level – $134
