THELOGICALINDIAN - Ethereum amount started a beginning abatement adjoin the US Dollar and bitcoin ETHUSD is still at a accident of a above downside breach if the 100 abutment fails to hold
Ethereum Price Analysis
After a appropriate upside correction, ETH amount faced a able attrition abreast the $110 akin adjoin the US Dollar. The ETH/USD brace topped abreast the $111 akin and started a beginning decline. It bankrupt the $107 abutment to access a bearish zone. Later, buyers were able to advance the amount beneath the 50% Fib retracement akin of the aftermost leg from the $101 low to $111 high. More importantly, there was a breach and abutting beneath $105 additional the 100 alternate simple affective average.
During the decline, there was a breach beneath a aloft bullish trend band with abutment at $105 on the alternate blueprint of ETH/USD. The brace is now trading in a bearish area beneath the $105 akin and the 100 alternate SMA. An antecedent abutment is abreast the $103 level. It coincides with the 76.4% Fib retracement akin of the aftermost leg from the $101 low to $111 high. If the amount fails to break aloft the $103 level, there is a accident of a bead to $101. The main support charcoal at $100, beneath which sellers are acceptable to booty control.
Looking at the chart, ETH amount ability actual college in the abbreviate term, but there are abounding hurdles on the upside abreast $106. The key attrition is abreast the $107 akin and the 100 alternate SMA, aloft which the amount may retest $110.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD has confused aback in the bearish zone.
Hourly RSI – The RSI for ETH/USD beneath and confused beneath the 50 level, with a bearish angle.
Major Support Level – $101
Major Resistance Level – $107
