THELOGICALINDIAN - Ethereum amount is assuming bearish signs beneath 185 adjoin the US Dollar agnate to bitcoin ETH amount charcoal at a accident of a downside breach beneath the 176 abutment area
Ethereum Price Weekly Analysis
This accomplished week, Ethereum retested the key $190 attrition breadth adjoin the US Dollar. However, ETH amount bootless to abide higher, consistent in a beginning abatement beneath the $188 abutment area.
Moreover, there was a breach beneath the key $186 abutment area. Finally, there was a abutting beneath the $184 abutment and the 100 simple affective boilerplate (4-hours). The bears acquired clip beneath the $180 akin and a low was formed abreast the $177 level.
It seems like the $176-$178 abutment breadth is arena a acute role for the bulls. Recently, there was an upside alteration aloft the $180 level. Furthermore, there was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $190 beat aerial to $177 low.
On the upside, Ethereum amount seems to be adverse a able attrition abreast the $184 akin and the 100 SMA. The 50% Fib retracement akin of the bottomward move from the $190 beat aerial to $177 low is additionally abreast the $184 level.
More importantly, there is a acute bearish trend band basic with attrition abreast $186 on the 4-hours blueprint of ETH/USD. Therefore, the amount is acceptable to face a able resistance, starting with $184 and up to $186.
Having said that, the amount charge achieve aloft the $188 and $190 attrition levels to move into a absolute zone. The abutting key resistances are abreast the $200 and $205 levels.
On the downside, there are abounding key supports abreast the $178 and $176 levels. If there is a circadian abutting beneath the $176 support, the amount could abatement heavily. The abutting above abutment are abreast the $165 and $160 levels.
The aloft chart indicates that Ethereum amount is acutely crumbling appear the $176 abutment area. Thus, it ability either balance accurately aloft $185 or extend its abatement appear $165.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is boring affective into the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently beneath the 50 level, with a bearish angle.
Major Support Level – $176
Major Resistance Level – $188
