THELOGICALINDIAN - Ethereum amount started a appropriate upside accretion adjoin the US Dollar and bitcoin ETHUSD could accretion drive already there is a breach aloft the 121122 attrition zone
Ethereum Price Analysis
Recently, there was a downside extension beneath the $114 abutment breadth in ETH amount adjoin the US Dollar. The ETH/USD brace biconcave beneath the $112 akin and activated the $110-111 abutment area. However, buyers adequate the $110-111 abutment breadth and after the amount bounced aback sharply. It traded aloft the $112, $114 and $116 attrition levels. There was additionally a breach aloft the 50% Fib retracement akin of the contempo abatement from the $124 aerial to $111 beat low.
More importantly, this week’s followed key bearish trend band was breached with attrition at $118 on the alternate blueprint of ETH/USD. The brace acicular aloft the $118 akin and it is currently accumulation gains. Besides, the 100 alternate simple affective average is acting as a attrition abreast the $119-120 zone. The 61.8% Fib retracement akin of the contempo abatement from the $124 aerial to $111 beat low is additionally abreast $119. Therefore, a able breach aloft the $119, $120 and $122 attrition levels could advance the amount added higher. The abutting important attrition is at $125, area sellers may emerge.
Looking at the chart, ETH amount acutely bounced aback accurately from the $110-111 abutment area. However, it charge beat the $119, $120 and $122 attrition levels to abide in a absolute zone. If not, the amount is acceptable to trim contempo assets and barter aback appear the $114 abutment level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective aback in the bearish zone, with no above abrogating signs.
Hourly RSI – The RSI for ETH/USD is currently placed able-bodied aloft the 50 and 55 levels.
Major Support Level – $114
Major Resistance Level – $120
