THELOGICALINDIAN - Key Highlights
Ethereum amount beneath and bankrupt important supports adjoin the US Dollar and bitcoin. ETH/USD could actual higher, but upsides could be capped abreast $208-209.
There were many rejections acclaimed about the $226 and $230 levels in ETH amount adjoin the US Dollar. The ETH/USD brace reacted to the downside and bankrupt abounding supports abreast the $220 level. It austere the aisle for sellers to booty ascendancy and the amount beneath added than 8%. There was alike a abutting beneath the $214 abutment akin and the 100 alternate simple affective average.
To admit the decline, there was a breach beneath a concise bullish trend band with abutment at $222 on the alternate blueprint of ETH/USD. The abatement was such that the amount alike bankrupt the $200 abutment and traded as low as $193. At the moment, the amount is acclimation aloft $200. Buyers austere the 23.6% Fib retracement akin of the contempo abatement from the $224 aerial to $193 low. However, there are many hurdles on the upside abreast the $208 and $209 levels. More importantly, the 50% Fib retracement akin of the contempo abatement from the $224 aerial to $193 low is abreast $209.
Looking at the chart, ETH amount may balance a few points, but it is acceptable to face hurdles abreast the $209 level. On the downside, if there is a breach beneath the $194-195 support, there could be added losses appear $180.
Hourly MACD – The MACD is assuming abundant affairs burden in the bearish zone.
Hourly RSI – The RSI is now placed about the acute oversold levels with a tiny alteration signal.
Major Support Level – $195
Major Resistance Level – $209
