THELOGICALINDIAN - Key Highlights
Ethereum amount is adverse an acclivous assignment adjoin the US Dollar and bitcoin. ETH/USD may abide to face a able attrition abreast the $130 zone.
Recently, we saw a minor upside correction aloft $130 in ETH amount adjoin the US Dollar. The ETH/USD brace alike confused aloft the $134 level, but assets were limited. There was alike a advance aloft the 23.6% Fib retracement akin of the contempo bead from the $160 beat aerial to $121 low. However, the amount struggled to achieve aloft the $135 attrition and after declined.
There was a breach beneath the $126 akin and the 100 alternate simple affective average. However, the amount remained aloft the $121 abutment and it is currently accumulation losses. More importantly, there is a aloft bearish trend band in abode with attrition at $130 on the alternate blueprint of ETH/USD. A breach aloft trend band and again $131 may advance the amount appear the $135 resistance. The main resistance is abreast $140 and the 50% Fib retracement akin of the contempo bead from the $160 beat aerial to $121 low. On the downside, the $121 abutment breadth holds a lot of importance. If there is a breach beneath $121, the amount could extend declines.
Looking at the chart, ETH amount seems to be disturbing to achieve bullish drive aloft $130 and $135. Therefore, there is a accident of a downside breach beneath $121.
Hourly MACD – The MACD is hardly placed in the bullish zone.
Hourly RSI – The RSI is boring affective lower appear the 50 level.
Major Support Level – $121
Major Resistance Level – $135
