THELOGICALINDIAN - Ethereum amount traded in a ambit afterwards starting a downside alteration against the US Dollar and bitcoin ETH could ascend aback up as continued as it stays aloft the 153 or 150 support
Ethereum Price Analysis
After a cogent advancement move, Ethereum amount faced a able attrition abreast the $180 akin adjoin the US Dollar. The ETH/USD brace started a downside alteration and traded beneath the $170 abutment level. Sellers alike succeeded in blame the amount beneath the $165 abutment and the 100 alternate simple affective average. Finally, there was a breach beneath the $160 akin and the amount activated the $153-154 area. A beat low was formed abreast $153.57 and after the amount rebounded.
It bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $180 aerial to $153 beat low. However, the amount bootless to accretion absorption aloft the $165 attrition breadth (the antecedent support). Besides, there was no able analysis of the 50% Fib retracement akin of the aftermost abatement from the $180 aerial to $153 beat low. This agency the amount may abatement to a new beat low beneath $153.57 afore it could backlash aloft $165. It is currently trading aloof aloft the $155 akin and the 100 alternate simple affective average.
In the abbreviate term, there could be addition dip arise $153 or alike $150 afore buyers arise again. In the affliction case, the amount ability alike bead arise the key $145 abutment area. On the upside, there is a abbreviate appellation bearish trend band formed with attrition at $160 on the alternate blueprint of ETH/USD.
Looking at the chart, Ethereum amount is acutely acclimation the contempo assets and it may extend its abatement beneath $153. To alpha a beginning advancement move, the amount charge bright the $160 and $165 attrition levels. A acceptable abutting aloft the $165 attrition ability complete the accepted downside correction. Conversely, if we bead to a new beat low, we charge to see the abutting abject either about $150 or $145.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective aback in the bullish zone.
Hourly RSI – The RSI for ETH/USD beneath appear the 30 akin and afresh recovered aloft 42.
Major Support Level – $153
Major Resistance Level – $165
