THELOGICALINDIAN - Key Highlights
Ethereum amount is disturbing to accretion absorption adjoin the US Dollar and bitcoin. ETH/USD charcoal at a accident of added losses beneath the $201 support.
Recently, ETH amount started a decent upside recovery from the $196 beat low adjoin the US Dollar. The ETH/USD brace traded aloft the $200 and $205 attrition levels. There was additionally a abutting aloft the $202 akin and the 100 alternate simple affective average. However, the amount faced a solid attrition abreast the $206 and $207 attrition levels. A aerial was formed at $206.38 and after the amount confused down.
It beneath beneath the $205 akin and the 50% Fib retracement akin of the aftermost upside from the $198 low to $206 high. However, the downside move was adequate by the $200-201 abutment zone. There is additionally a key bullish trend band in abode with abutment at $201 on the alternate blueprint of ETH/USD. Besides, the 61.8% Fib retracement akin of the aftermost upside from the $198 low to $206 aerial is at $201.50. Therefore, the $200-201 abutment breadth holds a lot of importance in the abreast term. As continued as the amount is aloft $200, it could animation back.
Looking at the chart, ETH amount seems to be adverse a boxy attrition abreast the $206-207 zone. A able breach aloft the declared area is bare for an dispatch aloft the $210 level. On the added hand, a breach beneath $201 may advance the amount aback appear $196.
Hourly MACD – The MACD is hardly placed in the bearish zone.
Hourly RSI – The RSI is currently beneath the 50 level.
Major Support Level – $201
Major Resistance Level – $207
