THELOGICALINDIAN - Ethereum amount beneath added and after recovered adjoin the US Dollar and bitcoin However ETHUSD is adverse a able attrition abreast the 137 akin followed by the 141 zone
Ethereum Price Analysis
Yesterday, we discussed aloft a fresh account low beneath $130 in ETH amount adjoin the US Dollar. The ETH/USD brace did barter lower afterwards it bootless to move aloft the $138 and $140 attrition levels. During the decline, there was a breach beneath the 61.8% Fib retracement akin of the aftermost leg from the $131 low to $141 high. The abatement was able as the amount bankrupt the $131 and $130 abutment levels. Sellers acquired absorption and pushed the amount to a new account low beneath $130.
A beat low was formed abreast $126 and after the amount bounced back. It recovered accurately aloft the $128 and $130 attrition levels. Besides, there was a breach aloft the 50% Fib retracement akin of the contempo bead from the $139 aerial to $126 low. However, the amount is adverse a able attrition abreast the $136-137 zone. More importantly, there is a cogent bearish trend band in abode with attrition at $137 on the alternate blueprint of ETH/USD. The trend band coincides with the 76.4% Fib retracement akin of the contempo bead from the $139 aerial to $126 low.
Finally, the 100 alternate simple affective average is positioned abreast the $139 akin to act as a able resistance. Therefore, it seems like there are abounding resistances formed abreast $137, $138 and $140 levels. ETH charge breach the $140 and $141 attrition levels to move into a bullish zone. If it fails to accretion clip aloft $137 and $138, there is a accident of a beginning abatement in the abreast term.
Looking at the chart, ETH amount bounced aback accurately from the $126 beat low. However, it is adverse an acclivous assignment abreast the $137, $138 and $140 levels. A connected abortion to breach to the upside may aftereffect in added losses beneath $130.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move aback in the bullish zone.
Hourly RSI – The RSI for ETH/USD recovered accurately and it managed to move aback aloft the 50 level.
Major Support Level – $130
Major Resistance Level – $141
