THELOGICALINDIAN - Ethereum amount is placed accurately in an uptrend adjoin the US Dollar and bitcoin ETHUSD could actual a few credibility but dips abide adorable in the abreast appellation abreast 116
Ethereum Price Analysis
In the account analysis, we discussed the affairs of more gains aloft $120 in ETH amount adjoin the US Dollar. The ETH/USD brace adapted a few points, begin abutment abreast the $115 level, and assuredly bounced back. It acquired clip aloft the $116 and $118 attrition levels. Buyers were acknowledged in allowance the key $120 attrition to set the clip for a new account high. More importantly, the amount backward able-bodied aloft the $114 abutment and the 100 alternate simple affective average.
During the rise, there was a breach aloft a above bearish trend band with attrition abreast $117 on the alternate blueprint of ETH/USD. The brace bankrupt the $122 beat aerial and traded to a new account aerial at $125. Later, there was a aciculate downside alteration beneath the $122 level. The amount traded beneath the 50% Fib retracement akin of the aftermost beachcomber from the $114 low to $125 high. However, the antecedent attrition abreast the $120 akin acted as a support. Besides, the 61.8% Fib retracement akin of the aftermost beachcomber from the $114 low to $125 aerial prevented losses. At the outset, the amount is hardly bearish and it could actual further appear the $116 level.
Looking at the chart, ETH amount is still placed accurately aloft the $116 and $114 abutment levels. If there are dips, buyers are acceptable to assure awful losses beneath the $114 akin or the 100 alternate SMA.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is placed accurately in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently aloof beneath the 60 level, with a collapsed structure.
Major Support Level – $116
Major Resistance Level – $125
