THELOGICALINDIAN - Ethereum amount is assuming absolute signs afterwards the contempo changeabout against the US Dollar but accumulation vs bitcoin ETH amount is already afresh trading abreast the key 280 attrition area
Ethereum Price Analysis
Recently, there was a aloft downside alteration in Ethereum amount beneath the $270 and $265 supports adjoin the US Dollar. The ETH/USD brace alike acicular beneath the $260 abutment and the 100 alternate simple affective average. However, the $258 akin acted as a strong abutment and adequate losses. As a result, there was a aciculate advancement move aloft $260 and $265. The amount antipodal best its assets and bankrupt the 61.8% Fib retracement akin of the aftermost abatement from the $276 aerial to $258 low.
The amount is currently trading able-bodied aloft the $265 akin and the 100 alternate simple affective average. It alike climbed aloft the 76.4% Fib retracement akin of the aftermost abatement from the $276 aerial to $258 low. However, the $276 and $280 attrition levels are still acting as a solid barriers for the bulls. If there is an upside breach aloft the $274 and $276 levels, the amount could alpha a able advancement move. The abutting key resistances are abreast $280 and $288.
On the downside, an antecedent abutment is abreast the $268 level. There is additionally a new abutting bullish trend band basic with abutment abreast $262 on the alternate blueprint of ETH/USD. Therefore, if there is a downside correction, the amount is acceptable to acquisition bids abreast $265 or $262. If there are added losses, the amount ability revisit the $258 abutment breadth in the abreast term.
Looking at the chart, Ethereum amount is aback aloft key supports and trading in a ambit aloft the $265 support. Having said that, the beasts charge to booty ascendancy and advance the amount aloft $274, $276 and $280. If they abide to struggle, there is a accident of added losses beneath the $262 and $258 abutment levels in the advancing sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective into the bearish zone, with abrogating signs.
Hourly RSI – The RSI for ETH/USD is currently able-bodied aloft the 50 level, with absolute signs.
Major Support Level – $262
Major Resistance Level – $276
