THELOGICALINDIAN - Key Highlights
Ethereum amount is beneath burden adjoin the US Dollar and bitcoin. ETH/USD is acceptable to extend declines beneath $165 and $160 in the abreast term.
The accomplished few sessions were mostly bearish beneath $185 in ETH amount adjoin the US Dollar. Earlier, the ETH/USD brace recovered a few credibility from the aftermost low of $165. The amount traded aloft the $175 and $178 attrition levels. It additionally confused aloft the 23.6% Fib retracement akin of the contempo bead from the $205 aerial to $165 low. However, the upside move was capped by the $179-180 attrition area.
The amount beneath aback beneath $175, but it after fabricated addition attack to bright $179. However, buyers bootless to accretion backbone aloft the $179 akin and the 100 alternate simple affective average. Besides, there is a key abutting bearish trend band formed with attrition at $178 on the alternate blueprint of ETH/USD. The brace is currently affective lower and trading beneath the $170 level. On the downside, an antecedent abutment is at $165, beneath which there could be a solid decline appear the $160 or $158 levels. On the upside, a breach aloft $179 could advance the amount appear $185. It represents the 50% Fib retracement akin of the contempo bead from the $205 aerial to $165 low.
Looking at the chart, ETH amount is acutely in a bearish area beneath $175 and $179. Sellers may anon accretion ascendancy beneath the $165 abutment akin for an continued decline.
Hourly MACD – The MACD is currently accepting clip in the bearish zone.
Hourly RSI – The RSI confused bottomward acutely beneath the 40 level.
Major Support Level – $165
Major Resistance Level – $179
