THELOGICALINDIAN - Ethereum amount acquired bullish drive aloft 265 against the US Dollar but beneath vs bitcoin ETH amount charcoal in a absolute area with aerial affairs of an upside breach aloft 280
Ethereum Price Analysis
In the accomplished few days, there was a abiding acceleration in Ethereum amount aloft the $250 attrition adjoin the US Dollar. The ETH/USD brace austere the $265 attrition breadth and the 100 alternate simple affective average. Recently, the amount alike austere the $270 and $275 attrition levels. A new account aerial was formed abreast $279 afore the amount started a downside correction.
There was a aciculate downside alteration beneath the $275 and $270 levels. The amount alike acicular beneath the $265 level, but the 100 alternate simple affective boilerplate acted as a able support. Moreover, there is a major bullish trend line basic with abutment abreast $266 on the alternate blueprint of ETH/USD. The brace bounced aback aloft $268, and the 50% Fib retracement akin of the aftermost accelerate from the $279 aerial to $263 low.
However, the advancement move was capped by the $272-274 zone. It seems like the 61.8% Fib retracement akin of the aftermost accelerate from the $279 aerial to $263 low is acting as a resistance. The amount already fabricated two attempts to bright $272 and it is currently affective lower.
On the downside, the amount charcoal able-bodied accurate abreast the $268 and $266 levels. The trend band abutment and the 100 alternate SMA abreast $264 are acute barriers for sellers. As continued as the amount is aloft $264, it is acceptable to animation back. A bright breach aloft the $272 akin may conceivably advance the amount added higher.
Looking at the chart, Ethereum amount is acutely trading with a absolute bent aloft the $260 and $264 levels. On the upside, a breach aloft the $272 akin ability alarm for added assets aloft $275 and $278. Once the amount surpasses the $280 barrier, it could assemblage appear $288 and $292 in the advancing sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move aback in the bullish zone, with absolute signs.
Hourly RSI – The RSI for ETH/USD is still aloft the 50 level, with a few absolute signs.
Major Support Level – $264
Major Resistance Level – $278
