THELOGICALINDIAN - Ethereum amount beneath heavily with bearish moves adjoin the US Dollar and bitcoin ETHUSD is beneath a lot of burden and it seems like sellers could attack to breach 100
Ethereum Price Analysis
Yesterday, we saw a sharp decline beneath the $116 and $114 abutment levels in ETH amount adjoin the US Dollar. The ETH/USD brace remained in a bearish area and continued its abatement beneath the $110 level. It alike bankrupt the $108 and $104 abutment levels and traded abutting to the $100 level. A low was formed abreast $101 and the amount is now trading able-bodied beneath the 100 alternate simple affective average. After basic a low abreast $101, the amount adapted a few credibility aloft the $103 and $104 levels.
There was a breach aloft the 23.6% Fib retracement akin of the contempo bead from the $114 aerial to $101 low. However, the accretion was capped by the $107-108 attrition area. The amount alike bootless to analysis the 50% Fib retracement akin of the contempo bead from the $114 aerial to $101 low. Moreover, yesterday’s accent key bearish trend band is complete with attrition at $110 on the alternate blueprint of ETH/USD. The accepted price activity is bearish beneath $108 and it seems like there could be added losses.
Looking at the chart, ETH amount ability revisit the $100 and $101 abutment levels in the abreast term. If sellers abide in activity for a continued time, there is a accident of a breakdown beneath the $100 support. The abutting key abutment awaits abreast $95.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently in the bullish zone.
Hourly RSI – The RSI for ETH/USD bounced aback from the oversold area, but it is still able-bodied beneath the 50 level.
Major Support Level – $101
Major Resistance Level – $108
