THELOGICALINDIAN - Key Highlights
Ethereum amount fell acutely adjoin the US Dollar and Bitcoin. ETH/USD acclimatized beneath the $600 abutment and it may abide to abatement in the abreast term.
Ethereum Price Decline
There was a solid downside move in ETH amount from the $650 beat aerial adjoin the US Dollar. The amount was alone during yesterday’s alteration abreast $650-655. As a result, there was a above bead and the amount confused beneath the $620 and $600 abutment levels. The bead was acute as the amount acclimatized beneath $600 and it is currently trading able-bodied beneath the 100 alternate simple affective average.
A low was formed at $563 afore the amount started accumulation losses. It adapted a few credibility and confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $651 aerial to $563 low. However, there are abounding hurdles for buyers about the $600-620 zone. More importantly, there are two bearish trend curve basic with resistances at $610 and $655 on the alternate blueprint of ETH/USD. Lastly, the 50% Fib retracement akin of the last drop from the $651 aerial to $563 low is abreast the $507 level.
Looking at the chart, the amount may consolidate in the abbreviate appellation about $580. However, buyers charge to advance the amount aloft $600 and $620 to admit a abundant recovery. On the downside, the contempo low abreast $563 is a abbreviate appellation abutment followed by the $550 abutment zone.
Hourly MACD – The MACD is assuming a few signs of a accretion in the bullish zone.
Hourly RSI – The RSI is acclimation college appear the 45 level.
Major Support Level – $560
Major Resistance Level – $620
