THELOGICALINDIAN - Key Highlights
Ethereum amount is currently acclimation adjoin the US Dollar and bitcoin. ETH/USD charge achieve aloft $120 to resume its upside move aloft $124-125.
Yesterday, we saw a fresh account high abreast the $125 akin in ETH amount adjoin the US Dollar. Later, the ETH/USD brace started a downside alteration and traded beneath the $122 and $120 levels. During the decline, there was a breach beneath the 23.6% Fib retracement akin of the aftermost leg from the $100 beat low to $125 high. Moreover, the amount traded beneath the $115 level, but it begin abutment abreast the $114 level.
There was no analysis of the 50% Fib retracement akin of the aftermost leg from the $100 beat low to $125 high. The amount is currently affective college appear $120 and it is aloft the 100 alternate simple affective average. More importantly, there is a abbreviate appellation crumbling approach or banderole formed with attrition at $120 on the alternate blueprint of ETH/USD. Buyers charge to bright the approach attrition and $120 to set the clip for a beginning bullish wave. The abutting major resistances are abreast $122 and $125. The capital attrition is at $130, aloft which the amount could analysis $134.
Looking at the chart, ETH amount is acutely trading accurately aloft the $112 and $114 abutment levels. As continued as there is no abutting beneath $110, the amount could animation aback and barter aloft $125.
Hourly MACD – The MACD is boring affective aback in the bullish zone.
Hourly RSI – The RSI is affective college and it is currently aloof aloft the 50 level.
Major Support Level – $112
Major Resistance Level – $120
