THELOGICALINDIAN - Ethereum amount is placed in a bearish area adjoin the US Dollar and bitcoin ETHUSD charge breach the 118 and 120 resistances to alpha a abbreviate appellation upside correction
Ethereum Price Analysis
Yesterday, we saw a nasty decline in ETH amount from the $125 beat aerial adjoin the US Dollar. The ETH/USD brace bankrupt the $122, $120, $118 and $115 abutment levels to move into a bearish zone. It activated the $112 abutment breadth area buyers emerged. Later, the amount started accumulation losses and adapted a few credibility aloft the $114 level. It traded aloft the 23.6% Fib retracement akin of the aftermost accelerate from the $123 beat aerial to $112 beat low.
However, there are abounding hurdles on the upside abreast the $118 level. The amount fabricated a brace of attempts to beat the $117-118 zone, but buyers bootless to accretion momentum. Besides, the 50% Fib retracement akin of the aftermost accelerate from the $123 beat aerial to $112 beat low is additionally abreast $118. More importantly, yesterday’s accent important bearish trend band is complete with attrition at $118 on the alternate blueprint of ETH/USD. Finally, the 100 alternate simple affective average is positioned abreast the $120 level. Therefore, both $118 and $120 levels are acute barriers for buyers in the abbreviate term.
Looking at the chart, ETH amount may abide to barter in a ambit aloft $112 afore the abutting move. If buyers advance the amount aloft the $118 and $120 resistance, there could be a accretion appear $125. If not, the amount could retest the $112 or $110 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is hardly placed in the bullish zone, with a collapsed structure.
Hourly RSI – The RSI for ETH/USD is currently affective college appear the 50 and 55 levels.
Major Support Level – $113
Major Resistance Level – $120
