THELOGICALINDIAN - Ethereum amount climbed appear the 280 akin afore acclimation lower against the US Dollar and bitcoin ETH is acceptable to acquisition abutment abreast the 250 244 and 240 levels in the abreast term
Ethereum Price Analysis
After testing the $240 support, Ethereum amount started a fresh increase aloft $260 adjoin the US Dollar. The ETH/USD brace bankrupt the $270 and $275 attrition levels. It traded to a new 2019 aerial abutting to the $280 akin and afresh started a downside correction. There was a breach beneath the $265 and $260 abutment levels. It seems like the amount is disturbing to break aloft the $270 and $275 levels. Sellers pushed the amount beneath the 50% Fib retracement akin of the contempo beachcomber from the $240 low to $280 beat high.
The amount alike bankrupt the $260 abutment breadth and acicular beneath the 61.8% Fib retracement akin of the contempo beachcomber from the $240 low to $280 beat high. However, the $250-252 abutment breadth is currently acting as a able barrier for sellers. Moreover, there is a above bullish trend band basic with abutment abreast $252 on the alternate blueprint of ETH/USD. Therefore, the brace is acceptable to acquisition able bids abreast the $250 abutment area. If there is a downside break, the next key support is abreast the $240 level, area beasts are acceptable to assure losses.
The abutting key abutment beneath the $240 akin is abreast $231. It coincides with the 1.236 Fib addendum akin of the contempo beachcomber from the $240 low to $280 beat high. More importantly, the 100 alternate simple affective boilerplate is additionally positioned abreast the $230 zone. Therefore, a breach beneath the $230 akin could activate a awful downside alteration appear $210 or $200.
Looking at the chart, Ethereum amount seems to be acclimation assets from the $200 beat low. It ability abide to struggle, but it is acceptable to animation aback from $240 or $230. On the upside, a able abutting aloft the $270 barrier is bare for a beginning access in the abreast term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is accepting drive in the bearish zone.
Hourly RSI – The RSI for ETH/USD boring confused bottomward and it is currently aloof beneath the 50 level.
Major Support Level – $240
Major Resistance Level – $270
