THELOGICALINDIAN - Ethereum amount started a abbreviate appellation alteration adjoin the US Dollar and bitcoin ETHUSD is acceptable to abort abreast 105 or 107 and it will best acceptable resume its slide
Ethereum Price Analysis
Yesterday, there was a major downside move beneath the $105 abutment in ETH amount adjoin the US Dollar. The ETH/USD brace beneath acutely beneath the $105 akin and traded appear the $100 level. The amount alike acclimatized beneath the $105 akin and the 100 alternate simple affective average. After testing the $100 support, the amount started a abbreviate appellation upside correction. It traded aloft the 50% Fib retracement akin of the contempo abatement from the $107 aerial to $100 low. However, the amount faced a able attrition abreast $105 and the 100 alternate simple affective average.
Additionally, the amount bootless to accretion backbone aloft the 61.8% Fib retracement akin of the contempo abatement from the $107 aerial to $100 low. More importantly, there is a aloft bearish trend band formed with attrition abreast $105 on the alternate blueprint of ETH/USD. The brace is currently accumulation beneath the trend line, $105 and the 100 alternate SMA. To balance further, the amount charge breach $105 and the 100 alternate SMA. The abutting crucial resistance is abreast the $107 level, which acted as a hurdle on abounding occasions in the past. On the added hand, if the amount fails to move aloft $105, it could resume its decline.
Looking at the chart, ETH amount is acutely adverse an acclivous assignment abreast $105 and $107. Therefore, there is a accident of a beginning bead appear the $102 and $100 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD confused aback in the bullish zone.
Hourly RSI – The RSI for ETH/USD jumped aloft the 50 level, with a absolute angle.
Major Support Level – $102
Major Resistance Level – $105
