THELOGICALINDIAN - Key Highlights
Ethereum amount is aback in a bearish area adjoin the US Dollar and bitcoin. ETH/USD may abide to move bottomward appear the $196 and $190 supports.
Recently, ETH amount struggled to accretion momentum aloft the $206 and $208 levels adjoin the US Dollar. The ETH/USD brace started a beginning downside move and traded beneath the $206 and $205 abutment levels. During the decline, there was a breach beneath the 61.8% Fib retracement akin of the aftermost beachcomber from the $189 low to $220 high. Besides, the amount traded beneath the $200 abutment and the 100 alternate simple affective average.
More importantly, there was a breach beneath a aloft bullish trend band with abutment at $204 on the alternate blueprint of ETH/USD. The brace activated the 76.4% Fib retracement akin of the aftermost beachcomber from the $189 low to $220 high. It activated the $196-197 area and recovered a few points. However, there are abounding hurdles on the upside abreast the $202 akin and the 100 alternate SMA. If the amount break the 100 alternate SMA, it could face sellers abreast the $205-206 zone. To move into a bullish zone, the amount needs to ascend aloft the $206 akin in the abreast term.
Looking at the chart, ETH amount is currently beneath a lot of burden beneath $202 and the 100 alternate SMA. If there is a beginning decline, the amount may breach the $196 low to barter appear the $190 level.
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $196
Major Resistance Level – $206
