THELOGICALINDIAN - Key Highlights
Ethereum amount continued losses adjoin the US Dollar and bitcoin. ETH/USD could abide to move bottomward appear the $200 or $198 abutment level.
During the accomplished three sessions, there were bearish moves in ETH amount beneath the $210 attrition adjoin the US Dollar. The ETH/USD brace bootless to balance and bankrupt the important $206 abutment to move into a bearish zone. Sellers took ascendancy and pushed the amount beneath the $204 level. The amount traded as low as $202 and it is currently able-bodied beneath the 100 alternate simple affective average.
At the moment, the amount is accumulation losses aloft $202. An antecedent attrition is the 23.6% Fib retracement akin of the contempo accelerate from the $210 aerial to $202 low. However, the best important attrition is abreast the $206 level, which was a abutment earlier. More importantly, this week’s followed key bearish trend band is still in abode with attrition at $208 on the alternate blueprint of ETH/USD. Below the trend line, the 50% Fib retracement akin of the contempo accelerate from the $210 aerial to $202 low is positioned at $206.50. Therefore, if the amount corrects higher, it is acceptable to face a solid affairs absorption abreast the $206-208 attrition zone.
Looking at the chart, ETH amount is beneath burden beneath $206. If there is a downside breach beneath $22, the amount may alike analysis the $200 handle. The abutting abutment beneath $200 is abreast the $198 level.
Hourly MACD – The MACD could move into the bullish area in the abbreviate term.
Hourly RSI – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $200
Major Resistance Level – $208
