THELOGICALINDIAN - Key Highlights
Ethereum amount is faced a beginning annular of affairs adjoin the US Dollar and bitcoin. ETH/USD bankrupt the $120 low and it could advance added losses.
Yesterday, we saw a minor upside correction in ETH amount from the $122 abutment adjoin the US Dollar. The ETH/USD brace adapted aloft the $130 and $132 levels. The amount additionally confused aloft the 50% Fib retracement akin of the aftermost accelerate from the $145 aerial to $121 beat low. However, the upside, move was capped by the $135 an $136 attrition levels.
Buyers additionally bootless to breach the 61.8% Fib retracement akin of the aftermost accelerate from the $145 aerial to $121 beat low. Moreover, there is a new key bearish trend band formed with attrition at $127 on the alternate blueprint of ETH/USD. Clearly, the brace bootless to accretion drive aloft the $136 akin and declined. The recent downside move was such that the amount bankrupt the $124 and $122 abutment levels. More importantly, the amount traded to beginning annual low beneath $120. It seems like sellers are aback and they could advance the amount added lower appear the $115 or $110 levels in the abreast term.
Looking at the chart, ETH amount acceptable completed a abbreviate appellation alteration from the $122 support. It bootless to accretion clip aloft key resistances abreast $136 and $140, consistent in a beginning decline. Buyers charge to be accurate because the accepted bazaar affect and breach beneath $120.
Hourly MACD – The MACD is now aback in the bearish zone.
Hourly RSI – The RSI is currently affective lower appear the 20 level.
Major Support Level – $110
Major Resistance Level – $130
