THELOGICALINDIAN - Key Highlights
Ethereum amount is accepting absorption adjoin the US Dollar and bitcoin. ETH/USD charge break aloft the $131 abutment admit a beginning assemblage aloft $140.
Recently, we saw a nice upside move from the $114 beat low in ETH amount adjoin the US Dollar. The ETH/USD brace bankrupt the $128 and $130 attrition levels. There was additionally a abutting aloft the $130 akin and the 100 alternate simple affective average. The amount traded aloft the $140 akin and formed a aerial at $146.95. Later, there was a downside alteration beneath the $140 level. Sellers pushed the amount beneath the 23.6% Fib retracement akin of the aftermost move from the $114 low to $146 high.
However, the abatement was adequate by the $130 abutment and the 100 alternate SMA. Moreover, the 50% Fib retracement akin of the aftermost move from the $114 low to $146 aerial acted as a support. If there is a downside breach beneath the 100 SMA and the $130 level, there could be further declines. On the upside, there is a able attrition abreast $138-140. Besides, there is a abbreviate appellation bearish trend band formed with attrition at $138 on the alternate blueprint of ETH/USD.
Looking at the chart, ETH amount charge breach the trend band and the $140 attrition to alpha a beginning upside move. Above the $140 level, the amount may conceivably ascend appear the $146 and $150 levels in the abreast term. On the downside, the $130 akin is a able support.
Hourly MACD – The MACD is aback in the bearish zone.
Hourly RSI – The RSI is placed abreast the 50 level.
Major Support Level – $130
Major Resistance Level – $140
