THELOGICALINDIAN - Ethereum amount is trading with a bearish bent adjoin the US Dollar and bitcoin ETHUSD is acceptable to extend losses beneath 130 as continued as it is trading beneath the 134 resistance
Ethereum Price Analysis
Yesterday, we saw a bearish wave beneath the $136 and $134 supports in ETH amount adjoin the US Dollar. Later, the ETH/USD brace adapted a few points, but the $134 akin acted as a solid resistance. Finally, the amount beneath afresh and bankrupt the $131 and $130 abutment levels. The amount acicular beneath the $130 akin and acclimatized able-bodied beneath the 100 alternate simple affective average. A low was formed abutting to the $129 akin and afresh the amount adapted aloft the $130 level.
It is currently trading abreast the 23.6% Fib retracement akin of the contempo abatement from the $135 beat aerial to $129 beat low. However, there are abounding hurdles cat-and-mouse on the upside abreast the $132 and $134 levels. The $132 akin represents the 50% Fib retracement akin of the contempo abatement from the $135 beat aerial to $129 beat low. The $134 attrition was a abutment beforehand and now it is acceptable to act as a solid hurdle. Moreover, yesterday’s key bearish trend band is complete with attrition at $134 on the alternate blueprint of ETH/USD. Besides, the 100 alternate simple affective boilerplate is additionally positioned aloof aloft the $134 attrition level.
Therefore, if the amount continues to move higher, it could face a strong resistance at $132 or $134. Selling rallies could be an advantage as continued as the amount is beneath $134 and the 100 alternate simple affective average.
Looking at the chart, ETH amount is acutely trading in a bearish breadth beneath the $134 resistance. In the abbreviate term, there could be an upside correction, but the $134 akin is acceptable to anticipate gains. On the downside, the $129-130 abutment breadth may act as a buy zone. However, a abutting beneath the $130 akin will best acceptable activate added losses appear the $128 or $126 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move aback into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently beneath the 40 level, with a bearish angle.
Major Support Level – $130
Major Resistance Level – $134
