THELOGICALINDIAN - Key Highlights
Ethereum amount is boring convalescent adjoin the US Dollar and bitcoin. ETH/USD buyers could face a boxy claiming abreast the $190-200 attrition zone.
Ethereum Price Resistance
Yesterday, we saw a downside break beneath the $175 akin in ETH amount adjoin the US Dollar. The ETH/USD brace traded appear the $165 abutment and begin bids abreast the $168 level. Later, the amount started an upside alteration and confused aback aloft the $175 level. During the upside, the amount additionally bankrupt the $180 resistance. It opened the doors for a advance aloft the 50% Fib retracement akin of the aftermost accelerate from the $199 aerial to $168 low.
More importantly, there was a breach aloft a aloft crumbling approach with attrition at $183 on the alternate blueprint of ETH/USD. The amount alike acicular aloft the $188-190 attrition zone. However, the amount faced a able attrition abreast the $192 akin and the 100 alternate simple affective average. Moreover, the 76.4% Fib retracement akin of the aftermost accelerate from the $199 aerial to $168 low is acting as a resistance. It seems like the amount could dip a few credibility aback appear the burst approach at $182-183.
Looking at the chart, ETH amount is acceptable to attempt abreast $192 and the 100 alternate SMA. Above this, the abutting above hurdle for buyers is abreast the $200 level. On the downside, the antecedent resistances abreast $182, $180 and $175 are acceptable to act as supports.
Hourly MACD – The MACD is now aback in the bullish zone.
Hourly RSI – The RSI has confused aloft the 60 level.
Major Support Level – $175
Major Resistance Level – $190
