THELOGICALINDIAN - Key Highlights
Ethereum amount is trading abreast key supports adjoin the US Dollar and bitcoin. ETH/USD needs to ascend aloft $209 and $210 to abstain a downside break.
Yesterday, we discussed an important abutment area abreast $206 in ETH amount adjoin the US Dollar. The ETH/USD brace afresh recovered aloft $208 and $209, but it faced a aloft hurdle abreast the $210 level. As a result, there was a beginning abatement beneath $209 and the 100 alternate simple affective average. The amount acicular beneath the $206 abutment already afresh and formed a low at $205. Later, it climbed aback aloft $206 and it is currently accumulation abreast $207.
An antecedent attrition is abreast $208 and the 50% Fib retracement akin of the contempo bead from the $211 beat aerial to $205 beat low. Aloft $208, the amount could retest the $210 resistance. Moreover, yesterday’s accent aloft bearish trend band is complete with attrition at $209 on the alternate blueprint of ETH/USD. The trend band coincides with the 76.4% Fib retracement akin of the contempo bead from the $211 beat aerial to $205 beat low. Therefore, a able abutting aloft the trend band and $210 may alpha a appropriate recovery. If there is no upside break aloft $210, the amount could abatement acutely beneath $206 and $205.
Looking at the chart, ETH amount is acutely disturbing to balance aloft $210. If it continues to struggle, sellers ability eventually booty ascendancy for a downside addendum beneath $206.
Hourly MACD – The MACD is placed heavily in the bearish zone.
Hourly RSI – The RSI is currently able-bodied aloft the 40 level.
Major Support Level – $206
Major Resistance Level – $210
