THELOGICALINDIAN - Key Highlights
Ethereum amount adapted acutely lower afterwards trading to new account highs adjoin the US Dollar and bitcoin. ETH/USD charge break aloft 100 SMA to animation back.
Yesterday, we discussed a possible advancement move aloft $150 in ETH amount adjoin the US Dollar. The ETH/USD brace acquired absorption and bankrupt the $150 and $154 attrition levels. A new account aerial was formed at $159 and after the amount adapted lower sharply. It bankrupt the $150 and $145 abutment levels to access a abbreviate appellation bearish zone. Besides, there was a breach beneath the 50% Fib retracement akin of the aftermost move from the $124 low to $159 high.
More importantly, yesterday’s accent key bullish trend band was breached with abutment at $141 on the alternate blueprint of ETH/USD. The brace alike bankrupt the $135 and $132 abutment levels and traded appear the 100 alternate simple affective average. If there is a downside breach beneath the $124 low and the 100 SMA, there could be added declines. The abutting stop for sellers could be $116. It represents the 1.236 Fib addendum akin of the last move from the $124 low to $159 high. On the upside, the amount is acceptable to face attrition abreast the $132 level, aloft which it could analysis $140.
Looking at the chart, ETH amount acutely akin assets acutely from $159-160. It seems like buyers gave up about $160 and sellers took control. Therefore, there could be addition advance lower to ample orders abreast $116 or alike $108.
Hourly MACD – The MACD is aback in the bearish zone.
Hourly RSI – The RSI confused acutely beneath the 50 level.
Major Support Level – $124
Major Resistance Level – $140
