THELOGICALINDIAN - Key Highlights
Ethereum amount continued assets adjoin the US Dollar and bitcoin. ETH/USD is placed accurately aloft the $97 abutment for added assets appear $108 or $115.
Yesterday, we saw a nice upside break aloft the $89-90 attrition breadth in ETH amount adjoin the US Dollar. The ETH/USD brace traded appear the $96-97 breadth and acclimatized aloft the 100 alternate simple affective average. Later, it adapted lower and activated the $91-92 abutment breadth area buyers emerged. Finally, there was a beginning bullish beachcomber and the amount bankrupt the $97 and $99 attrition levels.
The amount alike bankrupt the $100 akin and traded as aerial as $104.47. Currently, the amount is accumulation assets abreast $102, with a bullish angle. On the downside, an antecedent abutment is the 23.6% Fib retracement akin of the contempo beachcomber from the $91 low to $104 high. Moreover, there is a abutting bullish trend band formed with abutment at $97 on the alternate blueprint of ETH/USD. The trend band is abutting to the 50% Fib retracement akin of the contempo beachcomber from the $91 low to $104 high. Therefore, if there is a downside correction, the price is acceptable to acquisition support abreast the $97 and $100 levels. On the upside, a breach aloft the $104 beat aerial could advance the amount appear $108 or $115.
Looking at the chart, ETH amount is acutely trading in an uptrend aloft $97. As continued as it stays aloft the $92 beat low, it could extend assets aloft $110.
Hourly MACD – The MACD is placed heavily in the bullish zone.
Hourly RSI – The RSI is currently abreast the overbought zone.
Major Support Level – $97
Major Resistance Level – $108
