Ethereum (ETH) Rebound Approaching Crucial Resistance
technical analysis

Ethereum (ETH) Rebound Approaching Crucial Resistance

THELOGICALINDIAN - Ethereum amount is boring airy against the US Dollar while bitcoin is still disturbing ETH amount charge ascend aloft 165 to extend its accretion to 170

Ethereum Price Analysis

Yesterday, we saw a massive decline in Ethereum beneath the $170 and $165 abutment levels adjoin the US Dollar. Moreover, ETH amount acclimatized beneath the $165 abutment and the 100 alternate simple affective average.

It opened the doors for added losses and the amount traded beneath the $160 support. Finally, there was a fasten beneath $155 and the amount traded as low as $153. Recently, it started an upside alteration aloft the $155 and $158 levels.

Additionally, there was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $178 aerial to $153 low. Ethereum is currently accumulation aloft $160, but it is adverse a lot of hurdles on the upside abreast the $164 and $165 levels.

More importantly, this week’s followed bearish trend band is still alive with attrition abreast $164 on the alternate blueprint of ETH/USD. The trend band coincides with the 50% Fib retracement akin of the bottomward move from the $178 aerial to $153 low.

Besides, the 100 alternate SMA is additionally positioned abreast the $165 level. Therefore, an upside breach aloft the $165 attrition is bare for a accretion appear the $170 and $172 attrition levels.

If the amount fails to balance aloft the $164 and $165 attrition levels, it could resume its decline. An actual abutment is abreast the $158 level, beneath which the amount could revisit the $153 low. Any added losses ability alarm for a breach beneath the $150 abutment area.

Looking at the chart, Ethereum amount is acutely adverse a lot of barriers on the upside abreast $164 and $165. In the abbreviate term, the amount could accomplish an attack to beat $165 and the 100 alternate SMA. However, it is acceptable to abort abreast $165 and acceptable to resume its abatement in the advancing sessions.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is boring affective aback into the bearish zone.

Hourly RSIThe RSI for ETH/USD is acclimation college and is abutting the key 50 level.

Major Support Level – $153

Major Resistance Level – $165