THELOGICALINDIAN - Ethereum amount is placed accurately in a bullish trend adjoin the US Dollar and bitcoin ETHUSD may abide to move college appear 125 and 128 in the advancing sessions
Ethereum Price Analysis
Recently, we saw a short appellation downside correction from the $125 aerial in ETH amount adjoin the US Dollar. The ETH/USD brace traded beneath the $122 and $120 abutment levels. However, the $117-118 breadth acted as a able abutment and prevented added losses. Downsides were independent and after the amount confused aback aloft the $119 attrition level. Besides, there was a breach aloft the 50% Fib retracement akin of the contempo bead from the $125 aerial to $117 beat low.
The amount alike acicular aloft the $121 akin and it is currently able-bodied aloft the 100 alternate simple affective average. However, the contempo advancement move faced sellers abreast the $122-123 zone. Additionally, the 61.8% Fib retracement akin of the contempo bead from the $125 aerial to $117 beat low acted as a resistance. The amount is currently placed able-bodied aloft $120 and it seems like it may continue to move higher. On the upside, the capital resistances are abreast the $123 and $125 levels. On the downside, there is a above bullish trend band formed with abutment at $119 on the alternate blueprint of ETH/USD.
Looking at the chart, ETH amount is acutely trading with a absolute bent aloft $117 and $119. If there are antidotal moves, buyers are acceptable to assure declines beneath $117. On the upside, a breach aloft $125 ability advance the amount appear the $128 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently affective in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently aloof beneath the 60 level, with a slight bearish angle.
Major Support Level – $119
Major Resistance Level – $123
