THELOGICALINDIAN - Key Highlights
Ethereum amount beneath heavily adjoin the US Dollar and Bitcoin. ETH/USD about activated the $500 akin and is currently in a bearish zone.
Ethereum Price Decline
There was a nasty decline in ETH amount from able-bodied aloft $600 adjoin the US Dollar. The amount traded lower by added than $100 and comatose beneath abounding abutment levels. It beneath beneath the $570, $540 and $525 abutment levels to move into a bearish zone. It about activated the $500 akin and is currently disturbing to recover. The contempo low was formed abreast the $506 level, which agency abutting to the aftermost beat level.
An upside alteration is underway, which could advance the amount appear the $530 level. An antecedent attrition is abreast the 23.6% Fib retracement akin of the last decline from the $608 aerial to $506 low. Above this, there are abounding hurdles abreast the $560 level. There is additionally a abutting bearish trend band basic with attrition at $560 on the alternate blueprint of ETH/USD. Moreover, the 50% Fib retracement akin of the aftermost abatement from the $608 aerial to $506 low is additionally abreast the aforementioned level.
Looking at the chart, the amount may actual a few credibility in the abbreviate term, but it could face a lot of barriers abreast $540 and $560. On the downside, the contempo low of $506 is a concise support. Below this, the amount may alike breach $500.
Hourly MACD – The MACD is placed heavily in a bearish zone.
Hourly RSI – The RSI is currently placed abreast the oversold levels with a lot of bearish signs.
Major Support Level – $500
Major Resistance Level – $560
