THELOGICALINDIAN - Ethereum amount confused beneath abounding key supports against the US Dollar and bitcoin ETH amount alike bankrupt the 150 abutment area to move aback in a downtrend
Ethereum Price Analysis
Yesterday, we discussed the affairs of one last dip appear $158 in Ethereum amount adjoin the US Dollar. The ETH/USD brace bootless to break aloft the $160 and $158 abutment levels. There was a able abatement beneath the $155 abutment and the amount acclimatized able-bodied beneath the 100 alternate simple affective average. The abatement was such that the amount alike bootless to break aloft the $150 abutment level. It traded abutting to the $146 akin and formed a new account beat low.
At the moment, the amount is acclimation college aloft the $150 level. It bankrupt the 23.6% Fib retracement akin of the contempo abatement from the $165 aerial to $146 beat low. It seems like the amount is aback in a declivity and any accretion appear the $155 akin may face sellers. The declared $155 akin now coincides with the 50% Fib retracement akin of the contempo abatement from the $165 aerial to $146 beat low. Aloft $155, the abutting above attrition is abreast the $160 level.
Moreover, yesterday’s accent key bearish trend band is complete with attrition abreast $162 on the alternate blueprint of ETH/USD. Below the trend line, the 76.4% Fib retracement akin of the contempo abatement from the $165 aerial to $146 beat low is abreast the $161 level. Therefore, any above upside correction could face a able affairs absorption abreast the $160, $161 and $162 levels. On the downside, an antecedent abutment is abreast the $145 and $146 levels. Below $145, the amount could analysis the $125 support.
Looking at the chart, Ethereum amount beneath heavily beneath key supports abreast the $160 level. It is acutely trading in a bearish area beneath the $160 axis level. In the abbreviate term, there could be an upside correction, but sellers are acceptable to assure the $158 and $160 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is acceptable to abate its bearish abruptness in the abbreviate term.
Hourly RSI – The RSI for ETH/USD beneath heavily and it is currently in the oversold area abreast 20.
Major Support Level – $145
Major Resistance Level – $160
