THELOGICALINDIAN - Ethereum amount bootless to breach important resistances against the US Dollar and bitcoin ETH beneath acutely but the beasts ability adequate the key 166 and 165 abutment levels
Ethereum Price Analysis
Yesterday, we saw a beginning access in Ethereum amount aloft the $172 attrition adjoin the US Dollar. The ETH/USD brace alike acclimatized aloft the $172 akin and the 100 alternate simple affective average. There was a fresh assemblage in bitcoin amount aloft $5,500, which pushed ETH amount aloft the $175 level. However, the beasts bootless to accretion backbone aloft the key $176 and $177 attrition levels. A beat aerial was formed abreast $177 and after the amount started a aciculate decline.
It bankrupt the $174, $172 and $170 abutment levels to move aback in a bearish zone. There was additionally a abutting beneath the $172 axis akin and the 100 alternate SMA. The amount traded abutting to the $166 abutment akin and a beat low was formed abreast $167. At the outset, the amount is accumulation losses abreast $167 and it is testing the 23.6% Fib retracement akin of the contempo accelerate from the $177 beat aerial to $167 beat low. It seems like the amount ability actual in the abbreviate appellation appear $170 or $172.
Having said that, a abutting aloft the $172 akin and the 100 alternate SMA is charge for a appropriate advancement move. The 50% Fib retracement akin of the contempo accelerate from the $177 beat aerial to $167 beat low is additionally abreast $172. If there is a abutting aloft $172, the amount may revisit the $176 and $177 resistances. If not, the amount ability analysis the $166 or $165 abutment akin in the abreast term.
Looking at the chart, Ethereum amount acutely akin best its assets and bankrupt the key $172 and $170 supports. If sellers abide in action, there are affairs of a downside addendum beneath the $165 support. As continued as the amount is aloft $165, the beasts ability attack to advance the amount aloft $172.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently heavily in the bearish zone, with abrogating signs.
Hourly RSI – The RSI for ETH/USD beneath heavily beneath 50 and it is currently abreast the 27 level.
Major Support Level – $166
Major Resistance Level – $172
