THELOGICALINDIAN - Ethereum amount seems to be disturbing beneath key axis levels against the US Dollar and bitcoin ETH could retest the 160 abutment breadth afore the beasts booty a stand
Ethereum Price Analysis
Recently, we saw the alpha of a above downside alteration in Ethereum amount from the $177 attrition adjoin the US Dollar. The ETH/USD brace beneath beneath the $170 abutment akin and the 100 alternate simple affective average. The amount activated the $166 abutment akin and after adapted a few points. However, the amount faced a able attrition abreast the $170 resistance. There was a abortion abreast the 50% Fib retracement akin of the bead from the $177 aerial to $166 low.
As a result, the amount resumed its abatement and it alike bankrupt the aftermost beat low abreast $166. The abatement was such that the amount surpassed the $162 abutment and activated the $160 abutment area. A beat low was formed aloft $160 and the amount afresh adapted higher. It bankrupt the 50% Fib retracement akin of the contempo abatement from the $170 beat aerial to $160 beat low. The beasts were able to advance the amount aloft the $165 akin as well. However, the $166-167 area acted as a strong resistance.
Ethereum bootless to bright the 618% Fib retracement akin of the contempo abatement from the $170 beat aerial to $160 beat low. There is additionally a aloft bearish trend band in abode with attrition abreast $167 on the alternate blueprint of ETH/USD. Therefore, the amount could abatement one added time appear the $160 abutment area. On the upside, the $167 and $169 levels are aloft resistances. A abutting aloft $169 and the 100 alternate SMA is charge for a beginning access in the abreast term.
Looking at the chart, Ethereum amount is currently trading in a bearish area beneath $167 and $169. It seems like there could be addition dip appear $160 or $158. Once the accepted alteration beachcomber is complete, the amount is acceptable to animation aback aloft $170.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move aback in the bearish zone.
Hourly RSI – The RSI for ETH/USD bootless to break aloft 50 and it is currently affective appear the 40 level.
Major Support Level – $160
Major Resistance Level – $169
