THELOGICALINDIAN - Ethereum amount is currently acclimation contempo assets against the US Dollar but crumbling vs bitcoin ETH could animation aback as continued as it is trading aloft 265 and the 100 alternate SMA
Ethereum Price Analysis
After a able advancement move, Ethereum amount bootless to bright the $280 attrition adjoin the US Dollar. The ETH/USD brace formed a new account aerial abreast the $280 akin and afresh started a downside correction. It traded beneath the $275 and $272 abutment levels. Besides, there was a advance beneath the 23.6% Fib retracement akin of the aftermost leg from the $246 low to $280 beat high. However, the amount charcoal accurate aloft the $265 and $262 levels.
Moreover, yesterday’s accent key ascendance approach is complete with abutment abreast $266 on the alternate blueprint of ETH/USD. The antecedent attrition breadth abreast the $264-265 is acceptable to act as a able abutment area for the bulls. The abutting key abutment is abreast the $262 zone. It represents the 50% Fib retracement akin of the aftermost leg from the $246 low to $280 beat high. Finally, the 100 alternate simple affective boilerplate is additionally abreast the $262 akin to act as a strong support. Therefore, there are abounding important abutment levels abreast $265 and $262.
As continued as the amount is captivation the $262 support, it is acceptable to animation aback aloft $270 and $275. The capital hurdle charcoal $280, aloft which the amount could alpha a solid advancement move appear the $295 and $300 levels. An actual attrition is abreast $275 and the approach trend line. Once there is a breach aloft $276, the amount could attack to beat $280 and $282.
Looking at the chart, Ethereum amount is acutely acclimation lower aloft the capital $262 abutment area. If the beasts abort to avert the $262 abutment and the 100 alternate SMA, the amount ability extend losses. The abutting key abutment on the downside is abreast the $258 level, beneath which the amount is acceptable to advance appear $252.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring accepting drive in the bearish zone, with abrogating signs.
Hourly RSI – The RSI for ETH/USD afresh beneath beneath the 50 level, with a bearish angle.
Major Support Level – $262
Major Resistance Level – $276
