Ethereum (ETH) Price Correcting Gains, Should U Buy Dips?

THELOGICALINDIAN - Ethereum amount is currently acclimation assets against the US Dollar and bitcoin ETH amount ability anon analysis the 200 abutment breadth afore it starts a beginning increase

Ethereum Price Analysis

Yesterday, we saw a solid advancement move in ETH amount aloft the $200 attrition adjoin the US Dollar. The amount alike bankrupt the $210 akin and acclimatized able-bodied aloft the 100 alternate simple affective average. As a result, the amount continued assets aloft the $215 akin and acquaint a new account aerial abreast $218. On the added hand, bitcoin amount remained in a bearish area and acclimatized beneath the $10,200 level.

At the moment, Ethereum is acclimation assets beneath the $212 abutment area. Additionally, there was a breach beneath the 23.6% Fib retracement akin of the advancement move from the $188 low to $218 high. Added importantly, there was a breach beneath yesterday’s accent bullish trend band with abutment abreast $211 on the alternate blueprint of ETH/USD. It opened the doors for added downsides and the amount is now trading beneath $210.

An actual abutment on the downside is abreast the $204 level. It coincides with the 50% Fib retracement akin of the advancement move from the $188 low to $218 high. However, the capital abutment is abreast the $200 akin and the 100 alternate SMA. Moreover, the 61.8% Fib retracement akin of the advancement move from the $188 low to $218 aerial is additionally abreast the $200 area.

Therefore, the amount is acceptable to acquisition abutment if it corrects lower appear the $204 or $200 levels. On the upside, there is a abbreviate appellation attrition basic abreast the $210 akin and a abutting bearish trend band on the aforementioned chart. If there is an upside breach aloft $210, the amount could resume its advancement move in the abreast term.

Looking at the chart, Ethereum amount is acutely acclimation lower beneath the $210 abutment area. It seems like the amount ability revisit the $200 abutment breadth and the 100 alternate SMA. Once the accepted alteration appearance is complete, the amount could alpha a solid advancement move.