THELOGICALINDIAN - Ethereum amount is boring affective into a bearish area adjoin the US Dollar and bitcoin ETH is now at a accident of a bearish acknowledgment if it fails to ascend aloft the 140 hurdle
Ethereum Price Analysis
Yesterday, we saw the alpha of a downside alteration in ETH amount from the $144 beat aerial adjoin the US Dollar. The ETH/USD brace beneath beneath the $140 abutment akin and traded abutting to the $137 level. Later, there was an upside correction, but the amount bootless to bright the $140-141 attrition area. The amount additionally bootless to ascend aloft the 61.8% Fib retracement akin of the aftermost accelerate from the $144 beat aerial to $137 beat low. As a result, there was a beginning bead and the amount alike bankrupt the $137 abutment level.
A new account low was formed abreast the $135 akin and the amount is currently acclimation higher. It confused aloft the $137 akin and the 100 alternate simple affective average. There was a breach aloft the 50% Fib retracement akin of the contempo abatement from the $141 aerial to $135 beat low. However, there is a able attrition formed abreast the $140 and $141 levels. There is additionally a above bearish trend band formed with attrition at $140 on the alternate blueprint of ETH/USD.
An actual attrition is aloof beneath $140 and abreast the 61.8% Fib retracement akin of the contempo abatement from the $141 aerial to $135 beat low. To resume the aftermost bullish wave, the amount charge breach the $140 attrition and the trend line. If buyers abort to advance the amount higher, there are affairs of a beginning bead beneath the $135 beat low.
Looking at the chart, ETH amount is currently acclimation the aftermost week’s assets from the $128 beat low. It is abutting a brace of important supports such as $135 and $136. Having said that, if it fails to ascend aloft the $140-141 attrition area, there is a accident of a downside alteration beneath $135.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring accepting clip in the bullish zone.
Hourly RSI – The RSI for ETH/USD acicular aloft the 50 akin and it is currently affective college appear 60.
Major Support Level – $135
Major Resistance Level – $140
