THELOGICALINDIAN - Ethereum amount is currently crumbling beneath 212 against the US Dollar agnate to bitcoin ETH amount is acceptable to retest the 200 abutment breadth afore the beasts ability booty a stand
Ethereum Price Analysis
After testing the $225 level, ETH amount started a downside correction adjoin the US Dollar. The amount bankrupt the $215 and $212 abutment levels to move into a abbreviate appellation bearish zone. Moreover, there was a abutting beneath the $212 akin and the 100 alternate simple affective average. The contempo abatement acquired clip beneath the $210 akin and the amount traded as low as $206.
At the moment, Ethereum amount is acclimation college aloft the $210 level. It bankrupt the 23.6% Fib retracement akin of the contempo abatement from the $218 aerial to $206 low. However, the bears are attention the $212 attrition breadth and the 100 alternate SMA. Moreover, the 50% Fib retracement akin of the contempo abatement from the $218 aerial to $206 low is sitting bound abreast the $212 level.
There is additionally a key bearish trend band basic with attrition abreast $214 on the alternate blueprint of ETH/USD. The trend band is abutting to the 61.8% Fib retracement akin of the contempo abatement from the $218 aerial to $206 low. Therefore, the amount is acceptable to face a lot of hurdles abreast the $212 and $215 levels. To alpha a solid advancement move, the amount charge ascend aloft the $215 akin and achieve aloft the 100 alternate SMA.
On the downside, an actual abutment is abreast the $206 low. However, the capital abutment is abreast the $202 and $200 levels. It seems like the amount could extend its abatement appear the $200 abutment breadth afore it ability alpha a appropriate advancement move.
Looking at the chart, Ethereum amount is acutely trading in a abbreviate appellation bearish area beneath the $212 and $215 levels. If there is an upside breach aloft $215, the amount will best acceptable ascend appear the $225 account high. If not, the amount could revisit $200.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently beneath the 50 level, with a few bearish signs.
Major Support Level – $202
Major Resistance Level – $215
