THELOGICALINDIAN - Key Highlights
Ethereum amount is boring affective lower adjoin the US Dollar and bitcoin. ETH/USD is at a accident of a accessory bearish acknowledgment aback appear $220.
There was a abortion acclaimed abreast the $230-231 area in ETH amount adjoin the US Dollar. The ETH/USD brace started a downside move and traded beneath the $228 level. There was additionally a breach beneath the $227 abutment and the 100 alternate simple affective average. The amount continued losses and beneath beneath the 50% Fib retracement akin of the aftermost beachcomber from the $220 low to $230 high.
More importantly, yesterday’s followed important ascendance approach was burst with abutment at $226 on the alternate blueprint of ETH/USD. The brace seems to be in a downside alteration and it may abatement added appear $222. An actual abutment is positioned abreast the $224 level. It represents the 61.8% Fib retracement akin of the aftermost beachcomber from the $220 low to $230 high. If the amount break the $224 abutment level, there could be added losses appear the $222 and $220 levels. On the cast side, if the amount moves higher, the antecedent abutment at $227 may act as a resistance.
Looking at the chart, ETH amount is currently assuming a few bearish signs beneath $230 and $227. As continued as the amount is beneath these levels, there is a achievability of an continued alteration appear $224 or $222 in the abreast term.
Hourly MACD – The MACD is placed hardly in the bearish zone.
Hourly RSI – The RSI has confused beneath the 50 akin with a bearish angle.
Major Support Level – $222
Major Resistance Level – $230
