THELOGICALINDIAN - Ethereum amount beneath beneath important abutment levels against the US Dollar and bitcoin ETH is currently acclimation college but it is acceptable to attempt abreast 160 162 and 165
Ethereum Price Weekly Analysis
This accomplished week, Ethereum amount started a aloft bottomward move beneath the $170 abutment adjoin the US Dollar. The ETH/USD brace traded beneath the $166 and $160 abutment levels to access a bearish zone. Besides, there was a abutting beneath the $160 akin and the 100 simple affective boilerplate (4-hours). Finally, the amount alike bankrupt the $155 abutment levels and acicular beneath $150. A new account low was formed aloof aloft $146 and the amount afresh adapted higher.
There was a breach aloft $152 and the 23.6% Fib retracement akin of the aftermost abatement from the $172 aerial to $146 beat low. The brace seems to be afterward a abbreviate appellation ascendance approach with abutment at $153 on the 4-hours blueprint of ETH/USD. On the upside, there are abounding hurdles for the bulls abreast the $160 level. Aloft $160, the abutting key attrition is abreast $162 and the 100 simple affective boilerplate (4-hours). The 50% Fib retracement akin of the aftermost abatement from the $172 aerial to $146 beat low is additionally abreast $162.
More importantly, there is a acute bearish trend band formed with attrition at $172 on the aforementioned chart. Therefore, if the amount corrects higher, sellers are acceptable to assure the $160 or $162 attrition level. Only a abutting aloft $170 and the 100 simple affective boilerplate (4-hours) could accessible the doors for added gains. On the downside, a breach beneath the $152 and $150 abutment could restart downtrend.
The aloft chart indicates that Ethereum is trading heavily beneath the $160 support. It is acceptable to abide in a bearish area and sellers may adore recoveries abreast $160 and $162. On the downside, a circadian abutting beneath $150 ability alpha an continued abatement appear the $142 and $134 levels in the abreast term.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is currently disturbing in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently affective higher, but it is able-bodied beneath the 50 level.
Major Support Level – $150
Major Resistance Level – $162
