THELOGICALINDIAN - Ethereum amount beneath adjoin the US Dollar and bitcoin afterwards the Constantinople adamantine angle was adjourned However ETHUSD could animation aback as continued as it is aloft 113
Ethereum Price Analysis
Yesterday, we saw a solid upside break aloft $121 and $124 in ETH amount adjoin the US Dollar. The ETH/USD brace alike bankrupt the $128 attrition and after acicular aloft the $130 level. However, the upside move was capped by the $131-132 zone. It additionally represents the 50% Fib retracement akin of the key bead from the $151 aerial to $113 low. More importantly, the bead was due to the adjournment advertisement of the Constantinople adamantine fork. The bazaar reacted to the downside and the amount alone beneath $124.
Sellers acquired absorption and pushed the amount beneath the 61.8% Fib retracement akin of the contempo beachcomber from the $116 beat low to $132 beat high. More importantly, there was a breach beneath a abutting bullish trend band with abutment at $120 on the alternate blueprint of ETH/USD. The brace acclimatized beneath the $124 akin and the 100 alternate simple affective average. The accepted amount activity is bearish beneath the $121 axis akin and the 76.4% Fib retracement akin of the contempo wave. On the downside, there are a few important supports abreast $114 and $113.
Looking at the chart, ETH amount may actual a few points, but it is acceptable to revisit the $113 abutment breadth afore a beginning bullish wave. On the upside, a breach aloft the $121 and $124 levels is bare for a appropriate advancement move.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently in the bearish wave, but it’s accident momentum.
Hourly RSI – The RSI for ETH/USD is currently able-bodied beneath the 50 level, with a slight bearish angle.
Major Support Level – $113
Major Resistance Level – $124
