THELOGICALINDIAN - Key Highlights
Ethereum amount is currently convalescent adjoin the US Dollar and Bitcoin. ETH/USD is acceptable to face sellers on the upside abreast the $540-545 zone.
Ethereum Price Resistance
After a aciculate decline, ETH amount found support about the $500 akin adjoin the US Dollar. The amount traded as low as $503.04 afore basic a concise support. Later, it started an upside alteration and traded aloft the $515 level. There was additionally a breach aloft the 23.6% fib retracement akin of the aftermost abatement from the $565 beat aerial to the $503 low.
However, there are abounding barriers on the upside abreast the $540 level. More importantly, yesterday’s accent key bearish trend band is complete with attrition at $545 on the alternate blueprint of ETH/USD. The aforementioned trend band attrition coincides with the 50% fib retracement akin of the aftermost abatement from the $565 beat aerial to the $503 low. Therefore, if the amount continues to move higher, it is acceptable to acquisition sellers abreast the $540 and $545 resistance levels. Above this last, the abutting above hurdle for buyers is abreast the $560 level.
Looking at the chart, the amount is assuming accretion signs aloft the $510 level. However, the currently accretion could face abundant affairs absorption on the upside abreast beneath the $560 level. On the downside, a breach beneath the $500 handle could advance declines in the abreast appellation appear $450.
Hourly MACD – The MACD is boring affective aback in the bullish zone.
Hourly RSI – The RSI is affective college and is aloft to breach the 50 akin with a few absolute signs.
Major Support Level – $500
Major Resistance Level – $545
