THELOGICALINDIAN - Ethereum amount is trading with a absolute bent aloft the 250 abutment against the US Dollar but accumulation vs bitcoin ETH could abide to acceleration as continued as the 250 abutment is intact
Ethereum Price Analysis
In the accomplished few sessions, Ethereum amount boring confused college from the $239 beat low adjoin the US Dollar. The ETH/USD brace bankrupt the $245 attrition akin and acclimatized aloft 100 alternate simple affective average. The contempo acceleration was absolute as there was a breach aloft the 50% Fib retracement akin of the aftermost abatement from the $265 aerial to $239 low. The amount alike bankrupt the $255 attrition breadth and tagged the $263 level.
There was a acicular aloft the 76.4% Fib retracement akin of the aftermost abatement from the $265 aerial to $239 low. The amount traded abutting to the aftermost beat aerial abreast $265 and it is currently affective lower. On the downside, there is a strong support abreast the $252 and $250 levels. Moreover, yesterday’s accent ascendance approach is complete with abutment abreast $252 on the alternate blueprint of ETH/USD. Beneath the approach support, the $250 akin and the 100 alternate SMA are important supports. If there is a downside breach beneath $250, the amount could move into a bearish zone.
Conversely, if there is an upside breach aloft the $265 beat high, the amount could abide affective higher. The abutting stop could be $270. It represents the 1.236 Fib addendum akin of the aftermost abatement from the $265 aerial to $239 low. The capital attrition aloft the $270 akin is abreast the $280 level.
Looking at the chart, Ethereum amount is currently trading with a absolute bent aloft the $250 abutment area. Therefore, there are aerial affairs of added assets aloft the $264 and $265 levels. However, if the beasts abide to attempt abreast the $265 level, there could be a above downside correction. A bright breach beneath $250 may booty the amount aback appear the $240 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowing affective into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently aloof aloft the 50 level, with a collapsed structure.
Major Support Level – $250
Major Resistance Level – $265
