THELOGICALINDIAN - Key Highlights
Ethereum amount is affective accurately in a absolute area adjoin the US Dollar and Bitcoin. ETH/USD charge break aloft the $545 and $540 abutment levels to authority the bullish bias.
Ethereum Price Trend
After a decent upside move, ETH amount faced sellers abreast the $575 and $580 levels adjoin the US Dollar. The amount topped at the $586.87 akin and started a downside correction. It beneath and confused beneath the $575 and $560 levels. Moreover, there was a breach beneath the 38.2% Fib retracement akin of the aftermost leg from the $503 low to $586 high.
There was additionally a abutting beneath the $550 akin and the 100 alternate simple affective average. However, the abatement was adequate by the $545 abutment area. More importantly, the 50% Fib retracement akin of the aftermost leg from the $503 low to $586 aerial acted as a able support. Later, the amount started an upside accretion and confused aloft the $550 akin and the 100 alternate SMA. The accepted drive is absolute and there is a key bullish trend line basic with abutment at $550 on the alternate blueprint of ETH/USD. On the upside, the amount seems to be adverse a above hurdle abreast $575 and $580.
Looking at the chart, the amount may acceleration added and it could retest the $580 resistance. However, a breach aloft the declared $580 hurdle is appropriate for added gains. On the downside, the amount charge break aloft $545 to abstain a bearish beachcomber appear $520.
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI – The RSI is ascent appear the 60 level.
Major Support Level – $545
Major Resistance Level – $580
