THELOGICALINDIAN - Key Highlights
Ethereum amount started an upside move adjoin the US Dollar and Bitcoin. ETH/USD is currently trading aloft $700 and it may actual added college appear $725-730.
Ethereum Price Trend
Yesterday, we saw a major downside move beneath $700 in ETH amount adjoin the US Dollar. The amount traded abutting to the $675 akin and formed a low at $677. Later, the amount started accumulation assets aloft $675 afore starting an upside move. It seems like the 61.8% Fib retracement akin of the aftermost beachcomber from the $636 low to $742 aerial acted as a appropriate abutment and adequate added losses.
During the contempo correction, the amount confused aloft the $692 resistance. There was additionally a breach aloft a application triangle arrangement with attrition at $700 on the alternate blueprint of ETH/USD. Later, the brace managed to breach the $708 attrition and the 100 alternate simple affective average. Buyers additionally pushed the amount aloft the 50% Fib retracement akin of the aftermost abatement from the $740.18 aerial to $677.12 low. The contempo amount activity suggests that the amount managed to recover nicely aloft $700. However, there are still abounding hurdles for buyers abreast $725 and $730.
Looking at the chart, the amount is currently disturbing to breach the 61.8% Fib retracement akin of the aftermost abatement from the $740.18 aerial to $677.12 low. A breach aloft the $725 and $730 attrition levels will best acceptable accessible the doors for added assets appear $742-745.
Hourly MACD – The MACD is aback in the bullish zone.
Hourly RSI – The RSI is now able-bodied aloft the 50 level.
Major Support Level – $700
Major Resistance Level – $725
