THELOGICALINDIAN - Key Highlights
Ethereum amount beneath to new lows adjoin the US Dollar and bitcoin. ETH/USD acicular beneath the $100 akin afore convalescent aloft $110.
In the account analysis, we discussed a sharp downside move appear $100 in ETH amount adjoin the US Dollar. The ETH/USD brace did move bottomward and traded beneath the $115 and $110 supports. The amount alike bankrupt the $100 akin and formed a new annual low at $98. Later, there was a appropriate upside alteration and the amount confused aloft $100 and $110. There was additionally a breach aloft the 50% Fib retracement akin of the contempo abatement from the $126 aerial to $98 low.
However, the amount rallied appropriate into a aloft attrition abreast $118. Moreover, there is a aloft bearish trend band formed with attrition at $116 on the alternate blueprint of ETH/USD. It seems like the antecedent support abreast $118 is now acting as a solid resistance. The brace additionally struggled to achieve aloft the 61.8% Fib retracement akin of the contempo abatement from the $126 aerial to $98 low. At the moment, the amount is affective bottomward appear $112 and is afterward the aforementioned bearish trend line. If there is an upside breach aloft $116 and $118, the amount could balance appear the $125-126 zone.
Looking at the chart, ETH amount is acutely beneath a lot of burden beneath $118 and $126. If it resumes its slide, there could be added losses appear $100 and $95 in the abreast term.
Hourly MACD – The MACD is currently in the bullish zone.
Hourly RSI – The RSI is currently placed able-bodied aloft the 50 level.
Major Support Level – $105
Major Resistance Level – $118
