THELOGICALINDIAN - Key Highlights
Ethereum amount is beneath burden adjoin the US Dollar and Bitcoin. ETH/USD bankrupt a key abutment at $708 and it may able-bodied barter beneath $680 in the abreast term.
Ethereum Price Trend
After a failure to move aloft the $724-725 resistance, ETH amount started a downside move adjoin the US Dollar. The amount beneath and confused beneath the $710 and $700 abutment levels. During the decline, it austere the 50% Fib retracement akin of the aftermost leg from the $656 low to $724 high. It opened the doors for added losses and the amount bankrupt beneath the $700 abutment and the 100 alternate simple affective average.
More importantly, yesterday’s accent important bullish trend band with abutment at $707 was burst on the alternate blueprint of ETH/USD. The brace activated the 61.8% Fib retracement akin of the aftermost leg from the $656 low to $724 high. It may actual a few credibility in the abreast appellation appear $700. However, the burst abutment at $700 and the 100 alternate SMA are acceptable to prevent gains. If buyers accomplish in before the $700 hurdle, the amount could retest the $724-725 attrition zone.
Looking at the chart, the amount is currently beneath burden beneath $700. It seems like it may advance declines appear the abutting abutment abreast $677. Any added declines beneath $677 may able-bodied put a lot of burden on beasts and the amount ability bead appear the aftermost beat low of $656.
Hourly MACD – The MACD is boring affective in the bearish zone.
Hourly RSI – The RSI is now able-bodied beneath the 50 level.
Major Support Level – $677
Major Resistance Level – $700
