THELOGICALINDIAN - Key Highlights
Ethereum amount continued losses added adjoin the US Dollar and bitcoin. ETH/USD is now at a accident of added declines beneath the $110 akin in the abreast term.
Yesterday, we discussed a possible downside break beneath $121 and $118 in ETH amount adjoin the US Dollar. The ETH/USD brace bootless to breach the $130-132 attrition area and started a downside move. There was a breach beneath the key $121 support, aperture the doors for added losses in the abreast term. The amount bankrupt the $118 and $116 abutment levels, and it acclimatized beneath the 100 alternate simple affective average.
A low was formed abreast $112 and the amount is currently accumulation losses. An antecedent attrition is abreast $117 and the 23.6% Fib retracement akin of the contempo abatement from the $132 beat aerial to $112 low. More importantly, yesterday’s key bearish trend band is complete with attrition at $128 on the alternate blueprint of ETH/USD. If the amount corrects college in the abbreviate term, it could face sellers abreast the $118 and $121 attrition levels. The abutting attrition is the 50% Fib retracement akin of the contempo abatement from the $132 beat aerial to $112 low. To recover, the amount charge breach $128, 100 SMA, and the bearish trend line.
Looking at the chart, ETH amount confused into a bearish area beneath the $126 and $121 levels. There could be a abbreviate appellation correction, but the amount may face sellers abreast $121 and $128. On the downside, the abutting key abutment is at $106.
Hourly MACD – The MACD is accepting clip in the bearish zone.
Hourly RSI – The RSI is now placed able-bodied beneath the 40 level.
Major Support Level – $106
Major Resistance Level – $128
