THELOGICALINDIAN - Key Highlights
Ethereum amount acquired bullish drive adjoin the US Dollar and bitcoin. ETH/USD traded abutting to $120 and it charcoal able-bodied accurate for added gains.
Yesterday, we discussed that dips in ETH amount abide supported aloft $97 adjoin the US Dollar. The ETH/USD brace did actual lower in the abbreviate term, but buyers adequate the $97-100 abutment zone. Later, there was a beginning upside move and the amount traded aloft the $110 and $112 attrition levels. The amount alike bankrupt the $114-116 attrition area and traded abutting to the $120 level.
A aerial was formed abreast $119 and the amount is currently acclimation lower. An antecedent abutment is at $114 and the 23.6% Fib retracement akin of the contempo leg from the $99 low to $119 high. However, the capital abutment is abreast the $109-110 zone, which was a attrition earlier. Moreover, this week’s followed above bullish trend band is complete with abutment at $106 on the alternate blueprint of ETH/USD. The trend band is abreast the 50% Fib retracement akin of the contempo leg from the $99 low to $119 high. Therefore, if the amount corrects lower, it could acquisition support abreast the $108-109 zone.
Looking at the chart, ETH amount charcoal in an uptrend aloft $106 and the 100 alternate simple affective average. On the upside, a breach aloft the $119-120 area may advance the amount appear $125 or alike $130.
Hourly MACD – The MACD is boring affective aback into the bearish zone.
Hourly RSI – The RSI is currently acclimation lower from the 70 akin appear the 55 level.
Major Support Level – $108
Major Resistance Level – $120
