THELOGICALINDIAN - Key Highlights
Ethereum amount beneath heavily adjoin the US Dollar and bitcoin. ETH/USD is currently able-bodied beneath $90 and it could accelerate added appear $75 or $70.
Yesterday, we saw a massive breach beneath $100 in ETH amount adjoin the US Dollar. The ETH/USD brace remained in a bearish area and acclimatized beneath the $100 level. The aftermost beat low was formed at $94 afore the amount adapted higher. It confused aloft $100 and the 23.6% Fib retracement akin of the aftermost accelerate from the $112 aerial to $94 low. However, the upside move was capped abreast the $103 level.
The amount bootless abreast the 50% Fib retracement akin of the aftermost accelerate from the $112 aerial to $94 low. As a result, there was a beginning abatement and the amount traded beneath the $94 low. Sellers acquired pace and pushed the amount beneath the $90 and $85 levels. More importantly, the amount is now able-bodied beneath the $100 akin and the 100 alternate simple affective average. To the upside, there are two key bearish trend curve formed with attrition at $96 and $102 on the alternate blueprint of ETH/USD. Therefore, an upside alteration is acceptable to face a lot of affairs absorption abreast the $90, $95 and $96 levels.
Looking at the chart, ETH amount is about to analysis the $80 level. It seems like the amount may abide to move bottomward and it could alike analysis $75 or $70.
Hourly MACD – The MACD is placed heavily in the bearish zone.
Hourly RSI – The RSI is currently positioned in the oversold breadth abreast 15.
Major Support Level – $75
Major Resistance Level – $96
