THELOGICALINDIAN - Key Highlights
Ethereum amount is aback in a absolute area adjoin the US Dollar and Bitcoin. ETH/USD has to abide aloft the 100 alternate SMA to extend assets aloft $715.
Ethereum Price Support
The accomplished few sessions were mostly positive for ETH amount as it confused aloft the $690 and $700 attrition levels adjoin the US Dollar. The amount alike acicular aloft the $720 level, but it bootless to extend assets appear $740. A aerial was formed at $724.80 afore the amount started a downside correction. It beneath and confused beneath the $720 and $715 levels.
During the decline, there was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $683.40 low to $724.80 high. However, there are abounding supports on the downside aloft the $700 level. There is additionally a key abutting bullish trend band formed with abutment at $704 on the alternate blueprint of ETH/USD. The aforementioned trend band is positioned abreast the 50% Fib retracement akin of the aftermost beachcomber from the $683.40 low to $724.80 high. More importantly, the 100 alternate simple affective boilerplate is abreast $700-702. Therefore, the amount is likely to acquisition able bids abreast the $700-704 zone.
Looking at the chart, the amount is acceptable to move college as continued as it is aloft $704 and the 100 alternate SMA. On the upside, a breach aloft the contempo aerial of $724 could accessible the doors for a advance appear the $740 resistance.
Hourly MACD – The MACD is hardly placed in the bearish zone.
Hourly RSI – The RSI is disturbing to authority the 50 level.
Major Support Level – $700
Major Resistance Level – $724
