Ethereum (ETH) Trading Near Last Line of Defense
technical analysis

Ethereum (ETH) Trading Near Last Line of Defense

THELOGICALINDIAN - Ethereum amount is adverse a beginning annular of affairs against the US Dollar agnate to bitcoin ETH amount charcoal at a accident of added downsides if it break the 180182 abutment zone

Ethereum Price Analysis

This week, we mostly saw range moves in Ethereum aloft the $180 and $182 supports adjoin the US Dollar. Recently, ETH fabricated an attack to ascend aloft the $188 and $190 attrition levels, but it failed.

A aerial was formed abreast $190 and the amount started a beginning decline. It bankrupt the $186 abutment akin to move lower appear the ambit abutment area. Moreover, there was a breach beneath the $185 akin and the 100 alternate simple affective average.

It opened the doors for added losses and the amount is now trading abreast the $182 abutment area. The ambit abutment abreast the $180 and $182 levels holds a lot of importance. If Ethereum fails to break aloft the $180 abutment area, there are affairs of a aciculate breakdown.

The abutting key supports are abreast the $175 and $172 levels. On the upside, an antecedent attrition is abreast the $184 level. Besides, the 23.6% Fib retracement akin of the contempo abatement from the $190 aerial to $182 low is additionally abreast $184.

More importantly, there is a key bearish trend band basic with attrition abreast $185 on the alternate blueprint of ETH/USD. Above the trend line, the amount could actual college appear the $186 resistance.

Additionally, the 50% Fib retracement akin of the contempo abatement from the $190 aerial to $182 low is abreast the $186 akin to act as a resistance. Therefore, a abutting aloft the $186 akin and the 100 alternate SMA is bare to abstain a bearish breach beneath the $180 abutment area.

Looking at the chart, Ethereum amount is acutely trading abreast the aftermost band of aegis at $182 and $180. If the beasts abort to avert the $180 support, the amount is acceptable to advance lower by 5%-10%. On the upside, there are abounding resistances such as $186, $188 and $190.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is boring accepting drive in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently crumbling and abutting the 30 level.

Major Support Level – $180

Major Resistance Level – $186