THELOGICALINDIAN - Key Highlights
Ethereum amount alone heavily adjoin the US Dollar and bitcoin. ETH/USD is now able-bodied beneath $390 and is assertive to extend losses in the abreast term.
Ethereum Price Trend
Yesterday, there was a minor upside move aloft $405 in ETH amount adjoin the US Dollar. However, the ETH/USD brace bootless to bright a few important hurdles abreast the $405 and $408 levels. The amount faced a solid attrition abreast the 100 alternate simple affective boilerplate and $308. Moreover, the 76.4% Fib retracement akin of the aftermost accelerate from the $414 aerial to $401 low prevented an upside break.
Lastly, this week’s followed acute bearish trend band prevented assets abreast $406 on the alternate blueprint of ETH/USD. The brace alone acutely and bankrupt abounding abutment levels such as $400, $390 and $380. A new account low was formed at $367.71 and the amount is currently accumulation losses. It adapted a few credibility and activated the $380 level, which acted as a resistance. Moreover, the 38.25 Fib retracement akin of the recent decline from the $410 aerial to $367 low additionally acted as a resistance. Going forward, the amount may conceivably move a few credibility aloft $380, but it is acceptable to face a able attrition abreast $395-400.
Looking at the chart, ETH amount confused into a bearish breadth beneath $390. If it fails to balance and break the $370 abutment area, it could advance losses appear the $350 level.
Hourly MACD – The MACD is accepting clip in the bearish zone.
Hourly RSI – The RSI is placed heavily in the oversold breadth with abounding bearish signs.
Major Support Level – $370
Major Resistance Level – $390
