THELOGICALINDIAN - Key Highlights
Ethereum amount is boring acclimation lower adjoin the US Dollar and bitcoin. ETH/USD is acceptable to acquisition a able affairs absorption abreast the $212 zone.
Yesterday, we saw a nice advancement move aloft the $218 attrition in ETH amount adjoin the US Dollar. The ETH/USD brace traded aloft the $220 akin and acquaint an intraday aerial abreast $223. Later, there was a downside alteration and the amount beneath beneath the $220 and $218 level. Moreover, there was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $205 low to $223 high.
Besides, sellers pushed the amount beneath a abutting bullish trend band with abutment at $218 on the alternate blueprint of ETH/USD. However, the brace is now abutting addition aloft bullish trend band in abode with abutment at $216 on the aforementioned chart. If there is a downside breach beneath $216, the amount could analysis the $212-213 abutment area. An average abutment is abreast $214. It represents the 50% Fib retracement akin of the aftermost beachcomber from the $205 low to $223 high. Therefore, if the amount extends decline, it may able-bodied acquisition a strong support abreast the $212 or $213 abutment level. On the upside, an antecedent attrition is abreast the $219-220 zone, aloft which the amount could beat the $213 high.
Looking at the chart, ETH amount is currently acclimation lower, but it is abutting key supports aloft $212. Once the accepted beachcomber is complete, the amount will best acceptable animation aback aloft $221.
Hourly MACD – The MACD is aback in the bearish zone.
Hourly RSI – The RSI has aloof confused beneath the 50 level.
Major Support Level – $212
Major Resistance Level – $220
