THELOGICALINDIAN - Key Highlights
Ethereum amount struggled to bright important hurdles adjoin the US Dollar and bitcoin. ETH/USD may accelerate added beneath the $105 akin in the abreast term.
Yesterday, we discussed that upsides abide capped abreast $114-115 in ETH amount adjoin the US Dollar. The ETH/USD brace bootless to breach the $113-114 attrition area and resumed its decline. Earlier, there was a appropriate accretion from the $105 abutment level. The amount climbed aloft the $110 akin to date a recovery. It additionally climbed aloft the 23.6% Fib retracement akin of the aftermost accelerate from the $118 beat aerial to $104 low.
However, the upside move was capped by the $113-114 attrition zone. The amount additionally bootless to achieve aloft $112 and the 100 alternate simple affective average. Besides, the amount was alone abreast the 50% Fib retracement akin of the aftermost accelerate from the $118 beat aerial to $104 low. A beginning abatement is underway and the amount is currently trading beneath $107. On the downside, the abutting above abutment is at $102, beneath which the amount may conceivably revisit the $100 level. On the upside, this week’s followed bearish trend band is still in abode with attrition at $112 on the alternate blueprint of ETH/USD.
Looking at the chart, ETH amount is aback in a bearish area beneath $110. As continued as there is no abutting aloft the 100 alternate SMA and $115, the amount charcoal at a accident of added losses.
Hourly MACD – The MACD is aback accepting backbone in the bearish zone.
Hourly RSI – The RSI is affective lower and it is currently able-bodied beneath the 40 level.
Major Support Level – $102
Major Resistance Level – $112
