THELOGICALINDIAN - Ethereum amount jumped aback aloft key axis levels adjoin the US Dollar and bitcoin ETHUSD could abide to move college appear 136 afterwards a accessory downside correction
Ethereum Price Analysis
Yesterday, we saw a nasty decline beneath the $121 and $115 supports in ETH amount adjoin the US Dollar. The ETH/USD brace traded as low as $113.48 and started consolidating. Later, sellers boring absent control, consistent in a bullish acknowledgment aloft $115 and $118. The amount rallied added than $15 and bankrupt the $121 and $126 attrition levels. There was additionally a breach aloft the 23.6% Fib retracement akin of the aftermost above abatement from the $151 aerial to $113 low.
More importantly, yesterday’s accent important bearish trend band was breached at $121 on the alternate blueprint of ETH/USD. The brace acclimatized aloft the $125 akin and the 100 alternate simple affective average. It traded abutting to the 50% Fib retracement akin of the aftermost aloft abatement from the $151 aerial to $113 low. At the moment, the amount is accumulation assets aloft the $125 akin and the 100 alternate SMA. Dips from the accepted levels abide accurate abreast $125 and $124. The capital abutment is now $121-122, beneath which the amount ability move aback in a bearish zone.
Looking at the chart, ETH amount is assuming a few absolute signs aloft $121 and $125. If it break the $130-132 zone, there could be added assets in the abreast term. The abutting stop could be $136, which is the 61.8% Fib retracement akin of the aftermost above decline.
ETH/USD Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring abbreviation its bullish slope, signaling a abbreviate appellation correction.
Hourly RSI – The RSI for ETH/USD is currently able-bodied aloft the 60 level, with a accessory bearish angle.
Major Support Level – $121
Major Resistance Level – $132
