THELOGICALINDIAN - Ethereum amount is adverse a lot of affairs absorption against the US Dollar and bitcoin ETH could animation aback aloft 163 as continued as the 156 abutment breadth is intact
Ethereum Price Analysis
Recently, there was a appropriate advancement move aloft $165 in Ethereum amount adjoin the US Dollar. The ETH/USD brace acicular appear the $170 resistance, but it bootless to authority gains. There was no bright breach aloft the $168-169 attrition zone. As a result, there was a downside alteration beneath the $165 and $163 levels. The amount alike bankrupt the $160 akin and the 100 alternate simple affective average. However, the $156-157 abutment area acted as a able buy zone.
The amount afresh traded aloft the $162 level, and the 23.6% Fib retracement akin of the aftermost abatement from the $169 beat aerial to $157 beat low. There are accretion signs visible, but it seems like the $163 akin is acting as a cogent resistance. It additionally represents the 50% Fib retracement akin of the aftermost abatement from the $169 beat aerial to $157 beat low. At the outset, the amount is affective lower and trading aloof aloft the key $156-157 abutment area. If the beasts abort to avert the $156 abutment area, there is a accident of a aciculate decline.
The abutting key abutment is abreast the $155 level, beneath which Ether amount could abatement appear the $150 abutment level. On the upside, the amount charge bright the $163 akin to alpha a appropriate advancement move. There is additionally a abbreviate appellation crumbling approach in abode with attrition abreast $163 on the alternate blueprint of ETH/USD.
Looking at the chart, Ethereum amount may barter in a ambit aloft the $157 abutment for some time afore the abutting break. The affairs of a beginning access are aerial as continued as bitcoin price is accepting strength. If there is a downside breach beneath $155, it could put a lot of burden on the beasts in the abreast term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently in the bearish zone, with a few abrogating signs.
Hourly RSI – The RSI for ETH/USD afresh beneath beneath the 50 level, but captivation the 40 level.
Major Support Level – $157
Major Resistance Level – $163
