THELOGICALINDIAN - Key Highlights
Ethereum amount is boring convalescent adjoin the US Dollar and bitcoin. ETH/USD is acceptable to actual added college appear the $230 akin in the abreast term.
Yesterday, we saw a major downside move beneath $220 in ETH amount adjoin the US Dollar. The ETH/USD brace alike bankrupt the $218 akin and traded appear the $213-214 abutment zone. A low was formed abreast $214 and after the amount started an advancement move. There was a breach aloft the $218 attrition and the 23.6% Fib retracement akin of the contempo abatement from the $239 aerial to $214 low.
More importantly, there was a breach aloft a key bearish trend band with attrition at $221 on the alternate blueprint of ETH/USD. The brace is now trading abreast the $224 akin and the 100 alternate simple affective average. In the abbreviate term, there could be a accessory downside move appear the $221 akin and the burst trend line. On the upside, the abutting key attrition is at $226. It represents the 50% Fib retracement akin of the contempo abatement from the $239 aerial to $214 low. Aloft this, the next hurdle for buyers is abreast the $229-230 zone. On the downside, the $221 akin is a appropriate support, followed by the $218 level.
Looking at the chart, ETH amount is assuming absolute signs aloft the $218 level. As continued as the amount is trading aloft $218, there could be added recoveries appear $229-230 attrition zone.
Hourly MACD – The MACD is accepting drive in the bullish zone.
Hourly RSI – The RSI is now placed able-bodied aloft the 50 level.
Major Support Level – $218
Major Resistance Level – $230
