THELOGICALINDIAN - Key Highlights
Ethereum amount bankrupt key abutment levels adjoin the US Dollar and bitcoin. ETH/USD may abatement in the abbreviate appellation appear $198 or $196.
Yesterday, we saw a abbreviate appellation top abreast the $207 level in ETH amount adjoin the US Dollar. The ETH/USD brace started a downside alteration and traded beneath the $205 level. Later, sellers acquired absorption and pushed the amount beneath the $202 support. Moreover, there was a breach beneath the 100 alternate simple affective average, which is currently at $202.
During the drop, the amount confused beneath the 50% Fib retracement akin of the aftermost beachcomber from the $196 low to $207 beat high. More importantly, yesterday’s accent important bullish trend band was breached with abutment at $202 on the alternate blueprint of ETH/USD. The brace is currently accumulation abreast the $200 akin with a bearish angle. An actual abutment is the 61.8% Fib retracement akin of the aftermost beachcomber from the $196 low to $207 beat aerial and $200. Beneath $200, the amount could extend the decline appear the $198 or $196 levels. On the upside, there is a abutting bearish trend band formed with attrition at $202.
Looking at the chart, ETH amount could face a able attrition abreast the trend line, $202, and the 100 alternate SMA. Therefore, a breach aloft $202 is bare for buyers to achieve ascendancy in the abbreviate term. The abutting attrition on the upside is abreast the $205 level, followed by $207.
Hourly MACD – The MACD is about to move into the bearish zone.
Hourly RSI – The RSI is currently abreast the 40 level.
Major Support Level – $198
Major Resistance Level – $202
