THELOGICALINDIAN - Ethereum amount akin best its contempo assets against the US Dollar and bitcoin ETH activated the 164 abutment and it may anon animation aback aloft 170 in the advancing sessions
Ethereum Price Analysis
Yesterday, Ethereum amount climbed aloft the key $170 and $175 attrition levels adjoin the US Dollar. The ETH/USD brace alike bankrupt the $178 akin and acclimatized aloft the 100 alternate simple affective average. It activated the $180 attrition zone, area sellers appeared. Later, there was a bottomward move beneath the $175 abutment level. The abatement aggregate clip afterwards the address of 7,000 BTC drudge from the cryptocurrency exchange, binance. It fueled the downside and pushed the amount beneath $169 and the 100 alternate SMA.
The amount alike bankrupt the 61.8% Fib retracement akin of the advancement move from the $160 low to $180 high. Finally, the amount begin abutment abreast the $164 akin and it is currently accumulation losses. An actual attrition is abreast the $168 akin and the 100 alternate SMA. Besides, the 23.6% Fib retracement akin of the contempo bead from the $180 high to $164 low is additionally abreast the $168 level. Above $168, there are abounding hurdles abreast the $170 and $172 levels.
There is additionally a abbreviate appellation abutting bearish trend band in abode with attrition at $172 on the alternate blueprint of ETH/USD. The trend band coincides with the 50% Fib retracement akin of the contempo bead from the $180 aerial to $164 low. Therefore, a bright breach aloft the $172 akin is bare for the amount to alpha a beginning increase. The abutting key resistances are abreast the $175 and $180 levels.
Looking at the chart, Ethereum amount acutely akin best its assets and beneath beneath the key $170 support. If the amount fails to authority the $164 support, there could be added losses. The abutting key abutment is abreast the $160 level, beneath which the amount may retest the $156 abutment area.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD confused aback in the bearish zone, with a abrogating bias.
Hourly RSI – The RSI for ETH/USD beneath steadily beneath the 50 akin and it is currently abreast the 40 level.
Major Support Level – $164
Major Resistance Level – $172
