THELOGICALINDIAN - Ethereum amount fabricated a aciculate bearish about-face adjoin the US Dollar and bitcoin ETHUSD is now trading in a bearish area and it could abide to move bottomward appear 104
Ethereum Price Analysis
In the account analysis, we discussed the next accessible break in ETH amount either aloft $120 or beneath $114 adjoin the US Dollar. The ETH/USD brace bootless to accretion drive aloft the $116 and $118 attrition levels. As a result, there was a bearish acknowledgment beneath the $114 support. The brace alike bankrupt the $112 abutment and traded able-bodied beneath the 100 alternate simple affective average. The abatement was such that the amount alike traded beneath the $110 akin and formed a new low abreast $109.
At the moment, the amount is accumulation losses abreast $110, with a bearish angle. An antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo abatement from the $117 aerial to $109 low. More importantly, there is a major bearish trend line formed with attrition at $112 on the alternate blueprint of ETH/USD. It won’t be accessible for buyers to bright the trend band attrition and $112. The abutting hurdle is abreast the $113 level. It coincides with the 50% Fib retracement akin of the contempo abatement from the $117 aerial to $109 low.
Looking at the chart, ETH amount is acutely trading in a bearish area beneath the $114 and $112 levels. If there is an upside correction, the amount is acceptable to face a lot of sellers abreast $112, $113 and $114.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is now placed heavily in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently placed in the oversold area, but with no above assurance of a recovery.
Major Support Level – $104
Major Resistance Level – $112
