THELOGICALINDIAN - Key Highlights
Ethereum amount fell acutely adjoin the US Dollar and bitcoin. ETH/USD bankrupt the $150 abutment and it is currently accumulation losses.
Yesterday, we saw a major abatement beneath $175 in ETH amount adjoin the US Dollar. The ETH/USD brace bankrupt the $179 and $175 abutment levels to alpha a beginning decline. Later, bitcoin amount beneath heavily and bankrupt the $5,000 support. It added bearish burden on ETH and pushed it beneath the $165 and $160 abutment levels. More importantly, there was a breach beneath $150 and the amount acclimatized beneath 100 alternate simple affective average.
A new multi ages low was formed at $142 and after the amount started accumulation losses. It recovered a few credibility aloft the $145, but there are abounding hurdles on the upside. An antecedent attrition is the 23.6% Fib retracement akin of the contempo abatement from the $179 aerial to $142 low. Moreover, there is a abbreviate appellation bearish trend band in abode with attrition at $150 on the alternate blueprint of ETH/USD. If there is a breach aloft the $150 and $151 level, the amount could actual appear $160. It represents the 50% Fib retracement akin of the recent decline from the $179 aerial to $142 low.
Looking at the chart, ETH amount is trading in a awful declivity and it could abatement added beneath the $142 low. The abutting above abutment is abreast $140, beneath which the amount could barter to $125.
Hourly MACD – The MACD is boring affective aback in the bullish zone.
Hourly RSI – The RSI is currently attempting a accretion from the oversold area.
Major Support Level – $140
Major Resistance Level – $160
