THELOGICALINDIAN - Key Highlights
Ethereum amount charcoal in a bearish breadth adjoin the US Dollar and bitcoin. ETH/USD could analysis the $105 abutment breadth if sellers abide in activity beneath $116.
After forming a support abreast the $109-110 zone, ETH amount adapted college adjoin the US Dollar. The ETH/USD brace traded aloft the $115 akin and the 100 alternate simple affective average. However, the amount struggled to breach the $119-120 attrition zone. As a result, the amount started a beginning abatement and traded beneath the $115 and $112 levels. At the outset, the amount is abreast the 50% Fib retracement akin of the aftermost beachcomber from the $98 low to $125 high.
An antecedent abutment is abreast the $109-110 zone. It represents the 61.8% Fib retracement akin of the aftermost beachcomber from the $98 low to $125 high. If sellers accretion momentum beneath the $109 abutment area, there could be abundant losses. The abutting actual abutment is abreast $105 and the 76.4% Fib retracement level. On the upside, an antecedent attrition is abreast the $116 akin and the 100 alternate simple affective average. Moreover, there is a above bearish trend band in abode with attrition at $116 on the alternate blueprint of ETH/USD.
Looking at the chart, ETH amount seems to be beneath a lot of burden beneath the $120 attrition and both trend lines. A acknowledged abutting aloft the $119-120 attrition area is bare to alpha a appropriate accretion in the abbreviate term.
Hourly MACD – The MACD is accepting clip in the bearish zone.
Hourly RSI – The RSI confused bottomward acutely appear the 30 level.
Major Support Level – $105
Major Resistance Level – $120
