THELOGICALINDIAN - Ethereum amount is adverse a able resistances against the US Dollar and beneath vs bitcoin ETH amount charge bright the 320 barrier to advance college in the abreast term
Ethereum Price Analysis
Recently, there were strong assets in bitcoin price aloft $11,500, but Ethereum amount bootless to acceleration adjoin the US Dollar. The ETH/USD brace fabricated addition attack to ascend aloft the $318 and $320 resistances. However, the beasts struggled to accretion backbone aloft the $320 level. A new 2019 aerial was formed abreast $320, but the amount remained beneath $320. It is currently acclimation lower and is trading beneath $318.
It bankrupt the 23.6% Fib retracement akin of the contempo beachcomber from the $306 beat low to $320 beat high. On the downside, there are a few important supports abreast the $312 and $311 levels. There is additionally a key bullish trend band basic with abutment abreast $311 on the alternate blueprint of ETH/USD. Moreover, the 50% Fib retracement akin of the contempo beachcomber from the $306 beat low to $320 beat aerial is additionally abreast the $312 level.
Therefore, if the amount continues to actual lower, it is acceptable to acquisition abutment abreast $312 or $311. If there is a downside breach beneath the $310 level, the amount could advance declines in the abreast term. The abutting above abutment is abreast the aftermost beat low at $306 or the 100 alternate simple affective average.
On the upside, the $318 and $320 levels are important hurdles. Once there is a acknowledged abutting and chase through aloft $320, Ethereum could accretion momentum. The abutting key resistances breadth abreast the $330 and $340 levels.
Looking at the chart, Ethereum amount is acutely adverse an acclivous assignment abreast the $320 level, admitting bitcoin amount acquired added than 8%. It seems like there could be addition dip abutting to the $310 akin afore the amount climbs aloft the $320 level. Conversely, if the amount fails to break aloft $305 and $300, there could be a aciculate decline.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently accident drive in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently acclimation lower from able-bodied aloft 70 akin appear 55.
Major Support Level – $312
Major Resistance Level – $320
