THELOGICALINDIAN - Key Highlights
Ethereum amount nosedived adjoin the US Dollar and Bitcoin. ETH/USD is currently trading able-bodied beneath the $700 akin and it confused into a bearish zone.
Ethereum Price Decline
There was no upside breach aloft the $742 resistance in ETH amount adjoin the US Dollar. The amount started a aciculate downside move and beneath beneath the $730, $720 and $710 abutment levels. It seems like the amount was alone from the $742 akin and buyers bootless to accretion bullish momentum. The affliction affair is the actuality that the amount acclimatized beneath the $700 abutment and the 100 alternate simple affective average.
Moreover, this week’s accent key bullish trend band with abutment at $725 was burst on the alternate blueprint of ETH/USD. The brace alike austere the 50% Fib retracement akin of the aftermost beachcomber from the $635 beat low to $742 aerial at $690. It has opened the doors for added losses and the amount may abatement further beneath $680. The abutting abutment on the downside is about the 76.4% Fib retracement akin of the aftermost beachcomber from the $635 beat low to $742 high. The all-embracing bent has angry bearish abbreviate appellation with a abutting beneath $700.
Looking at the chart, the amount is beneath a lot of affairs burden from $742. If sellers abide in control, there is a adventitious of added declines beneath $660. On the upside, the burst abutment at $700 and $720 are acceptable to act as hurdles for a recovery.
Hourly MACD – The MACD is accepting drive in the bearish zone.
Hourly RSI – The RSI has accomplished the oversold levels.
Major Support Level – $660
Major Resistance Level – $700
