THELOGICALINDIAN - Key Highlights
Ethereum amount is hardly beneath burden adjoin the US Dollar and bitcoin. ETH/USD may conceivably acceleration afresh aloft the $292 and $295 levels.
Ethereum Price Support
After trading aloft the $300 level, ETH amount started a downside correction adjoin the US Dollar. The ETH/USD brace traded lower and bankrupt the $295 and $290 levels. There was alike a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $275 beat low to $302 high. However, losses were adequate by the $284 abutment area and the 61.8% Fib retracement akin of the aforementioned wave.
The amount formed a abutment abject abreast $284 and it is currently trading aloft $290 and the 100 alternate SMA. Moreover, it has austere the 23.6% Fib retracement akin of the aftermost bead from the $302 aerial to $284 low. However, the amount is currently adverse sellers abreast the $292 level. More importantly, yesterday’s accent acute bearish trend band is complete with attrition abreast $292 on the alternate blueprint of ETH/USD. Aloft the trend line, the next resistance is abreast the $294 level. It is abutting to the 50% Fib retracement akin of the aftermost bead from the $302 aerial to $284 low. Aloft $294, the amount could barter aloft the $300 level.
Looking at the chart, ETH amount is boring advancing for the abutting move aloft $292. Alternatively, if it fails to break aloft the $284 level, it could move bottomward aback appear the $276 beat low.
Hourly MACD – The MACD is hardly placed in the bullish zone.
Hourly RSI – The RSI is aloof aloft the 50 level.
Major Support Level – $284
Major Resistance Level – $294
