THELOGICALINDIAN - Ethereum amount bootless to accretion drive and confused aback in a bearish breadth adjoin the US Dollar and bitcoin ETHUSD could revisit the 102 abutment breadth in the abreast term
Ethereum Price Analysis
This accomplished week, ETH amount found support abreast the $102 akin and after recovered adjoin the US Dollar. The ETH/USD brace traded aloft the $106 and $108 attrition levels. There was additionally a abutting aloft the $108 akin and the 100 alternate simple affective average. However, the amount bootless to breach the $110 attrition akin and after started a beginning decline. It confused beneath the 50% Fib retracement akin of the aftermost beachcomber from the $102 low to $110 high. Besides, there was a breach beneath $106 and the 100 alternate simple affective average.
The abatement was able as the amount activated the $105 abutment level. More importantly, there was a breach beneath a key bullish trend band with abutment at $106 on the alternate blueprint of ETH/USD. The brace activated the 76.4% Fib retracement akin of the aftermost beachcomber from the $102 low to $110 high. At the moment, the amount is acclimation higher, but the antecedent abutment abreast $106 is acting as a resistance. Moreover, the 100 alternate SMA is acting as a strong barrier abreast the $106-107 zone. Therefore, a able breach aloft the $106, $107 and $108 levels is charge for a appropriate advancement move.
Looking at the chart, ETH amount seems to be trading in a ample ambit aloft the $102 support. If there is a downside breach beneath $102 and $101, the amount could analysis the $95 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is aback in the bearish zone.
Hourly RSI – The RSI for ETH/USD confused beneath the 40 level, with a bearish angle.
Major Support Level – $102
Major Resistance Level – $107
