THELOGICALINDIAN - Key Highlights
Ethereum amount beneath appear the ambit low adjoin the US Dollar and bitcoin. ETH/USD could bead added appear the $197 abutment level.
Yesterday, we saw a nice upside move aloft the $200 akin in ETH amount adjoin the US Dollar. The ETH/USD brace traded aloft the $202 akin and the 100 alternate simple affective average. It alike bankrupt the 50% Fib retracement akin of the aftermost bead from the $207 beat aerial to $198 low. However, the amount struggled to bright the $203 attrition zone, which acted as a solid barrier.
The amount was additionally alone abreast the 61.8% Fib retracement akin of the aftermost bead from the $207 beat aerial to $198 low. As a result, there was a beginning abatement and the amount confused beneath the $201 and $200 levels. There was a abutting beneath the $200 akin and the 100 alternate SMA. It seems like the amount may abide to move down appear the $197-198 zone. On the upside, there is a able attrition formed abreast $201 and the 100 alternate SMA. There is additionally a new bearish trend band formed with attrition at $201 on the alternate blueprint of ETH/USD. As continued as the amount is beneath the $201 level, it could bead appear the $197 abutment breadth in the abreast term.
Looking at the chart, ETH amount bootless to accretion absorption aloft $203, consistent in a beginning decline. Going forward, if the amount fails to break aloft $197, there may able-bodied be added losses appear $190.
Hourly MACD – The MACD is aback in the bearish zone.
Hourly RSI – The RSI is currently able-bodied beneath the 40 level.
Major Support Level – $197
Major Resistance Level – $201
