THELOGICALINDIAN - Key Highlights
Ethereum amount is currently in a bearish area adjoin the US Dollar and Bitcoin. ETH/USD could abatement added appear $475 akin in the abreast term.
Ethereum Price Trend
There was an upside move aloft the $500 akin in ETH amount adjoin the US Dollar. The amount traded a few credibility aloft $500, but it bootless to accretion momentum. As a aftereffect there was a downside acknowledgment and the amount acclimatized beneath the $500 level. There was additionally a abutting beneath the $495 akin and the 100 alternate simple affective average, which is a bearish sign. Additionally, the amount bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $447 low to $528 high.
More importantly, there was a breach beneath a acute bullish trend band with abutment at $500 on the alternate blueprint of ETH/USD. The brace beneath and activated the $488 abutment area. The mentioned abutment is abreast the 50% Fib retracement akin of the aftermost beachcomber from the $447 low to $528 high. The brace is currently trading able-bodied beneath $500 with a bearish angle. Should there be a downside breach beneath the $488 level, there could be more declines appear the $475 level.
Looking at the chart, the amount may conceivably actual a few credibility appear $500. However, there is a bearish trend band in abode to anticipate upsides abreast $500 in the abreast term.
Hourly MACD – The MACD is boring affective aback in the bullish zone.
Hourly RSI – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $475
Major Resistance Level – $500
