THELOGICALINDIAN - Key Highlights
Ethereum amount akin best of its assets adjoin the US Dollar and Bitcoin. ETH/USD charge break aloft the 100 alternate SMA to abstain a advance to $455.
Ethereum Price Support
There was a decent upside move aloft the $500 akin in ETH amount adjoin the US Dollar. The ETH/USD brace traded as aerial as $517 afore sellers appeared. The amount started a solid downside alteration and confused beneath the $500 and $490 abutment levels. During the abatement the amount austere the 50% Fib retracement akin of the aftermost leg from the $465 low to $517 high.
It opened the doors for added declines and the amount bankrupt the $485 support. Moreover, this week’s accent key bullish trend band was breached with abutment at $485 on the alternate blueprint of ETH/USD. The brace is currently trading abreast the $470 abutment and the 100 alternate simple affective average. However, it has surpassed the 76.4% Fib retracement akin of the aftermost leg from the $465 low to $517 high. It indicates that there are aerial affairs that the amount could abatement appear the $465 low in the abreast term. Below this, the next support is abreast the $455 level, which was a attrition earlier.
Looking at the chart, the amount charge authority the $470 abutment and the 100 alternate SMA. If it recovers, the antecedent abutment abreast the $482-485 area is acceptable to act as a resistance. Above this, the amount will best acceptable breach the $500 akin and resume its uptrend.
Hourly MACD – The MACD is placed heavily in the bearish zone.
Hourly RSI – The RSI is currently able-bodied aloft the 50 level.
Major Support Level – $470
Major Resistance Level – $485
