THELOGICALINDIAN - Ethereum amount beneath heavily in the accomplished few hours adjoin the US Dollar and bitcoin ETHUSD acclimatized beneath 120 and it may abide to abatement appear 110 or 106
Ethereum Price Analysis
After a appropriate recovery, ETH amount faced a strong affairs interest aloft the $125 akin adjoin the US Dollar. The ETH/USD brace formed a top abreast the $126 akin and after started a aciculate decline. It bankrupt the $122 abutment and the 100 alternate simple affective average. The abatement was acute back the amount bankrupt the $120 and $118 abutment levels to move into a bearish zone. Sellers alike pushed the amount beneath the $115 akin and a new account low was formed abreast the $113 level.
Later, the amount started accumulation losses aloft $113 and adapted a few credibility higher. It confused aloft the 23.6% Fib retracement akin of the contempo abatement from the $124 aerial to $113 beat low. However, the antecedent abutment abreast the $118 akin is acting as a able resistance. Moreover, the 50% Fib retracement akin of the contempo abatement from the $124 aerial to $113 beat low is positioned abreast $118. More importantly, there is a major bearish trend line formed with attrition at $121 on the alternate blueprint of ETH/USD.
Looking at the chart, ETH amount acutely confused into a bearish area beneath $120 and the 100 alternate simple affective average. As continued as it is trading beneath $118 and $120, there is a accident of added losses. The abutting supports are at $110 and $106.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective in the bullish zone, but with a bearish bias.
Hourly RSI – The RSI for ETH/USD is currently convalescent aloft the 25 level, with a absolute angle.
Major Support Level – $113
Major Resistance Level – $121
