THELOGICALINDIAN - Ethereum amount climbed to new account highs against the US Dollar afterward bitcoin access ETH acicular aloft 176 afore starting a downside alteration appear the 170 support
Ethereum Price Analysis
Recently, there was a abiding acceleration in Ethereum amount aloft the $170 attrition breadth adjoin the US Dollar. The ETH/USD brace continued assets aloft the $175 attrition akin and acicular aloft $176. However, the beasts bootless to booty the amount appear the $180 akin and afresh the amount started a downside correction. The amount traded beneath the $172 akin and the 23.6% Fib retracement akin of the contempo leg from the $165 low to $176 high.
The amount alike acicular beneath the $170 level, and the 50% Fib retracement akin of the contempo leg from the $165 low to $176 high. However, the previous resistance levels at $169 and $170 acted as able supports. There is additionally a acute bullish trend band formed with abutment at $169 on the alternate blueprint of ETH/USD. The trend band abutment holds the key back it is abreast the $168 axis akin and the 100 alternate simple affective average. The 61.8% Fib retracement akin of the contempo leg from the $165 low to $176 aerial is additionally abreast the $169 akin to act as a support.
Therefore, as continued as the amount is aloft the $168-170 abutment area, it could animation back. On the upside, an antecedent attrition is abreast the $172 level. If Ethereum assets clip aloft the $172 level, there are affairs of a run appear the $175 and $176 attrition levels.
Looking at the chart, Ethereum amount is acutely trading aloft key abutment levels abreast $170. Therefore, the amount is acceptable to ascend aback aloft $172 and $174 levels in the abreast term. On the downside, a breach beneath the $168 abutment could activate a beginning decline. The abutting above abutment is at $162 level. It is the 1.236 Fib addendum akin of the contempo leg from the $165 low to $176 high.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is accepting clip in the bearish zone, with a few abrogating signs.
Hourly RSI – The RSI for ETH/USD beneath beneath the 50 level, with a bearish angle.
Major Support Level – $168
Major Resistance Level – $175
