THELOGICALINDIAN - Ethereum amount acquired absorption from key supports against the US Dollar and bitcoin ETH is currently placed accurately aloft 170 and it could breach 180 to ascend acutely appear 200
Ethereum Price Weekly Analysis
This accomplished week, Ethereum amount biconcave added to analysis the $155 abutment breadth adjoin the US Dollar. The ETH/USD brace traded abutting to the $155 support, which acted as a able buy zone. The brace started a solid backlash aloft the $160 and $165 attrition levels. There was a breach aloft the 50% Fib retracement akin of the aftermost abatement from the $188 aerial to $155 low. Moreover, there was a abutting aloft the $162 axis akin and the 100 simple affective boilerplate (4-hours).
Finally, there was a breach aloft the $169 and $170 attrition levels. It opened the doors for added gains and the amount activated the $176-178 attrition area. The 61.8% Fib retracement akin of the aftermost abatement from the $188 aerial to $155 low is additionally acting as a resistance. There is additionally a above bearish trend band formed with attrition at $176 on the 4-hours blueprint of ETH/USD. Therefore, the brace charge breach the $176 attrition breadth to ascend added college in the abreast term.
A acknowledged abutting aloft the $176 and $180 attrition akin may set the clip for added gains. The abutting attrition is at $188, aloft which the amount could assemblage appear the $200 level. On the downside, the capital abutment is abreast the $170 level. Below $170, the amount is acceptable to abatement added appear the $162 abutment and the 100 simple affective boilerplate (4-hours).
The aloft chart indicates that Ethereum seems to be testing a cogent attrition abreast the $176 level. If buyers auspiciously accretion absorption aloft $176, there are affairs of added upsides aloft the $180 and $188 level. Conversely, there is a accident of a downside acknowledgment beneath the $170 abutment level. However, there are abounding supports beneath $170 abreast the $162 level.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is about to ascend aback in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently able-bodied aloft the 50 level, with a collapsed anatomy abreast 60.
Major Support Level – $170
Major Resistance Level – $176
