THELOGICALINDIAN - Key Highlights
Ethereum amount recovered a few credibility adjoin the US Dollar and bitcoin. ETH/USD is now branch appear a monster attrition abreast $295-300.
Ethereum Price Upside Hurdle
Yesterday, we saw a sharp drop appear the $250 akin in ETH amount adjoin the US Dollar. Later, the ETH/USD brace begin buyers and started an upside alteration from the $249 beat low. It confused aloft the $260 and $275 attrition levels. Moreover, there was a breach aloft the 38.2% Fib retracement akin of the aftermost key abatement from the $331 aerial to $249 low.
However, the amount is adverse abounding hurdles on the upside abreast the $290-300 zone. At the moment, the amount is testing the 50% Fib retracement akin of the aftermost key abatement from the $331 aerial to $249 low. If it break the $290 level, there is a acute attrition cat-and-mouse abreast $300. Added importantly, this week’s followed important bearish trend band is in abode with attrition at $300 on the alternate blueprint of ETH/USD. The aforementioned trend band is positioned with the 100 alternate simple affective boilerplate abreast $300. Therefore, sellers are acceptable to defend added assets aloft the $295 and $300 attrition levels.
Looking at the chart, ETH amount is convalescent absolutely aloft $275, but a advance aloft $300 is bare for a beyond advancement wave. If it fails to move accomplished $300, there could be a beginning bearish beachcomber aback appear the $270 and $260 abutment levels.
Hourly MACD – The MACD is placed accurately in the bullish zone.
Hourly RSI – The RSI has confused aloft the 50 akin with absolute signs.
Major Support Level – $270
Major Resistance Level – $295
