THELOGICALINDIAN - Key Highlights
Ethereum amount is trading abreast key supports adjoin the US Dollar and bitcoin. ETH/USD charge break aloft $120 to balance in the abbreviate term.
Yesterday, we discussed that ETH amount is in a nasty downtrend and it could abatement beneath $140 adjoin the US Dollar. The ETH/USD brace fell acutely and traded beneath the $140 and $132 abutment levels. The abatement was such that the amount traded abutting to the $120 level. A low was formed at $121 and the amount is currently able-bodied beneath the 100 alternate simple affective average.
At the moment, the amount is accumulation aloft the $120 support. It afresh traded aloft the 23.6% Fib retracement akin of the contempo accelerate from the $145 aerial to $121 low. However, there are abounding resistances on the upside abreast the 136-138 zone. More importantly, yesterday’s accent key bearish trend band is complete with attrition at $138 on the alternate blueprint of ETH/USD. The trend band is abutting to the 61.8% Fib retracement akin of the contempo accelerate from the $145 aerial to $121 low. Therefore, any upside move appear the $135, $136 and $138 levels is acceptable to acquisition a strong affairs interest.
Looking at the chart, ETH amount is trading accurately aloft the $120 abutment level. As continued as the amount is aloft $120, there is a adventitious of an upside breach appear the $140 and $150 levels in the abreast term. Below $120, the amount could barter appear $105.
Hourly MACD – The MACD is about to move into the bullish zone.
Hourly RSI – The RSI is currently aloof aloft the 40 level.
Major Support Level – $120
Major Resistance Level – $138
