THELOGICALINDIAN - Ethereum amount started a aloft downside alteration afterwards a massive upside against the US Dollar and bitcoin ETH is acceptable to animation aback aloft 170 as continued as it is aloft 155
Ethereum Price Analysis
In the accomplished two days, we saw a massive assemblage in bitcoin and Ethereum adjoin the US Dollar. The ETH/USD brace jumped aloft the $160 and $170 attrition levels. There was a able abutting aloft the $165 akin and the 100 alternate simple affective average. The amount alike climbed aloft the $175 akin and traded appear the $180 level. A new annual aerial was formed at $180 and after the amount started a aciculate downside correction.
There was a aciculate dip beneath the $175, $170 and $168 abutment levels. The amount alike bankrupt the key $165 abutment breadth to access a abbreviate appellation bearish zone. Moreover, yesterday’s accent key bullish trend line was breached with abutment at $173 on the alternate blueprint of ETH/USD. The brace activated the $155 abutment breadth and the 100 alternate simple affective average. A able affairs absorption emerged and a beat low was formed abreast $154. Later, the amount bounced aback aloft $160 and the 23.6% Fib retracement akin of the contempo bead from the $180 aerial to $154 low.
However, the amount is currently adverse a able attrition abreast the $165 level. The declared $165 akin was a abutment beforehand and now it is preventing gains. The abutting attrition is abreast the $167 level. It represents the 50% Fib retracement akin of the contempo bead from the $180 aerial to $154 low.
Looking at the chart, Ethereum amount could accretion absorption aloft the $165 akin and it could analysis the $167 or $170 attrition level. Later, there could be a beginning bead arise the $158 zone, area buyers are acceptable to appear. As continued as Ether is trading aloft the $155 abutment and the 100 alternate SMA, it is acceptable to resume its advancement move in the abreast term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently placed heavily in the bearish zone.
Hourly RSI – The RSI for ETH/USD biconcave acutely beneath the 50 akin and it is currently abreast the 42 level.
Major Support Level – $155
Major Resistance Level – $170
