THELOGICALINDIAN - Key Highlights
Ethereum amount is captivation assets adjoin the US Dollar and Bitcoin. ETH/USD is currently acclimation lower and is abutting a few key supports.
Ethereum Price Support
There was a decent upside move in ETH amount aloft the $510 and $530 levels adjoin the US Dollar. The amount traded appear the $545 and $550 attrition levels area sellers appeared. A aerial was formed at $549.04 afore the amount started a downside correction. It beneath beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $484 low to $549 high. However, there are abounding supports on the downside aloft the $510 level.
An antecedent abutment is about the $515 and $516 levels. The 50% Fib retracement akin of the aftermost beachcomber from the $484 low to $549 aerial is additionally abreast $516. More importantly, there is a aloft bullish trend band in abode with abutment at $510 on the alternate blueprint of ETH/USD. An boilerplate abutment is abreast the $512 akin and the 100 alternate simple affective average. Therefore, there is a aloft abutment area aloft the $510 level, which could authority declines in the abreast term. Below $510, the amount may conceivably barter aback appear the $490 level.
Looking at the chart, the amount faced a able attrition abreast $545. It may actual further, but there are aerial possibilities of $510 captivation losses. On the upside, an antecedent attrition is at $540, followed by the $545 hurdle.
Hourly MACD – The MACD is currently in the bearish zone.
Hourly RSI – The RSI is affective lower and is currently beneath the 50 level.
Major Support Level – $510
Major Resistance Level – $545
