THELOGICALINDIAN - Ethereum amount is bedfast in a tiny ambit adjoin the US Dollar and bitcoin ETHUSD could abide to consolidate until trading volumes aces up and amount activity improves
Ethereum Price Analysis
There was a downside move from the $110 beat aerial in ETH amount adjoin the US Dollar. The ETH/USD brace traded beneath the $108 and $106 abutment levels, additional acclimatized beneath the 100 alternate simple affective average. It activated the $105 abutment level, breadth buyers emerged and adequate added losses. Later, there was an upside alteration aloft the $106 and $107 levels. The amount alike bankrupt the 50% Fib retracement akin of the contempo abatement from the $110 aerial to $105 beat low. However, the upside move was capped by the $108 attrition area.
Moreover, the amount was alone abreast the 61.8% Fib retracement akin of the contempo abatement from the $110 aerial to $105 beat low. There is additionally a new abutting bearish trend band formed with attrition abreast $107 on the alternate blueprint of ETH/USD. The brace is currently trading able-bodied beneath the $108 attrition and the 100 alternate simple affective average. A successful break aloft the trend line, 100 alternate simple affective average, and the $108 attrition is bare for added gains. The abutting aloft attrition is abreast the $110 level, aloft which the amount could assemblage appear $115.
Looking at the chart, ETH amount is acutely trading in a ambit beneath the $108 and $110 attrition levels. On the downside, an antecedent abutment is at $105, beneath which the amount may analysis the $103 abutment level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective aback in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now able-bodied beneath the 50 level, with a few bearish signs.
Major Support Level – $103
Major Resistance Level – $108
