THELOGICALINDIAN - Key Highlights
Ethereum amount is adverse acute hurdles adjoin the US Dollar and bitcoin. ETH/USD buyers charge accretion absorption aloft $290 to advance the amount higher.
Ethereum Price Resistance
There were abounding attempts by ETH amount to clear resistances like $292 and $290 adjoin the US Dollar. However, the ETH/USD brace bootless to accretion bullish drive and it boring confused down. It bankrupt the $284 abutment afresh and acicular appear the $277 level. A low was formed at $277.97 afore the amount fabricated a nice recovery. It confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $302 aerial to $277 low.
However, the amount faced a able attrition abreast the $291 akin and the 100 alternate simple affective average. Furthermore, the 50% Fib retracement akin of the aftermost abatement from the $302 aerial to $277 low additionally prevented gains. More importantly, this week’s followed important bearish trend band is still in abode with attrition abreast $288 on the alternate blueprint of ETH/USD. As continued as the amount is beneath the trend band and the $290 level, it could abide to move down. If there is an upside breach aloft $288-290, the price is acceptable to climb aloft the $295 akin in the abreast term.
Looking at the chart, ETH amount is acutely adverse a able attrition abreast the trend line, $288, and the 100 alternate SMA. On the downside, the $281 akin is an antecedent support, followed by the contempo beat low of $277.
Hourly MACD – The MACD is currently placed in the bearish zone.
Hourly RSI – The RSI is currently beneath the 50 level.
Major Support Level – $281
Major Resistance Level – $288
