THELOGICALINDIAN - Key Highlights
Ethereum amount is trading with a aloof bent adjoin the US Dollar and bitcoin. ETH/USD needs to accretion drive aloft $275 for added assets in the abreast term.
Ethereum Price Upside Hurdle
There were many attempts by ETH amount to move into a bullish area with a breach aloft the $275-280 area adjoin the US Dollar. The ETH/USD brace continuously struggled to accretion drive and it afresh beneath beneath $275. There was additionally a breach beneath the 38.2% Fib retracement akin of the aftermost beachcomber from the $259 low to $283 high. However, declines were bound back the $270 akin acted as a support.
Moreover, it seems like the 50% Fib retracement akin of the aftermost beachcomber from the $259 low to $283 aerial is acting as a support. If there is a breach beneath the $270 and $268 levels, the amount may able-bodied abatement aback appear the $262 level. On the upside, there is a cogent bearish trend band formed with attrition abreast $272-274 on the alternate blueprint of ETH/USD. The aforementioned trend band acted as a hurdle for buyers on abounding occasions aloft $275. It additionally coincides with the 100 alternate SMA abreast the $277 level. Therefore, a breach and abutting aloft $277-280 is bare for buyers to accretion traction.
Looking at the chart, ETH amount is acutely disturbing to bright the trend band and $280. In the abbreviate term, there could be a advance appear the $270 and $268 levels afore a recovery.
Hourly MACD – The MACD is collapsed in the bearish zone.
Hourly RSI – The RSI is placed able-bodied beneath the 50 level.
Major Support Level – $270
Major Resistance Level – $277
