THELOGICALINDIAN - Key Highlights
Ethereum amount is currently accumulation adjoin the US Dollar and bitcoin. ETH/USD is acceptable to face a able attrition abreast the $186 and $190 levels.
Yesterday, we saw a major downside move beneath the $170 akin in ETH amount adjoin the US Dollar. The ETH/USD brace traded as low as $165 and after started a abbreviate appellation recovery. It confused aloft the $170 and $175 levels and after started accumulation in a bound range. The amount additionally confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $208 beat aerial to $165 low.
More importantly, there was a breach aloft a abbreviate appellation bearish trend band with attrition at $173 on the alternate blueprint of ETH/USD. The brace is currently disturbing to bright the $180 attrition area. Aloft $180, the abutting attrition is abreast the $186 level. It represents the 50% Fib retracement akin of the aftermost abatement from the $208 beat aerial to $165 low. Therefore, if the amount continues to move higher, it is acceptable to face a strong affairs interest abreast $180 or $186. A abutting aloft $186 may accessible the doors for a advance appear $200.
Looking at the chart, ETH amount is assuming absolute signs aloft the 170 level, but it won’t be accessible for buyers. On the downside, an antecedent abutment is at $172 followed by $170. If there is a breach beneath the contempo low of $165, the amount could bead to $160.
Hourly MACD – The MACD is currently placed in the bullish zone.
Hourly RSI – The RSI managed to move aloft the 50 level.
Major Support Level – $170
Major Resistance Level – $186
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