THELOGICALINDIAN - Key Highlights
Ethereum amount remained aloft key supports adjoin the US Dollar and bitcoin. ETH/USD is placed accurately for added assets aloft the $214 trend support.
Recently, there was a solid support abject formed abreast the $219-220 area in ETH amount adjoin the US Dollar. The ETH/USD brace started an upside move and acclimatized aloft the $222 level. There was additionally a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $230 aerial to $220 low. Moreover, the amount traded aloft the $224 akin and acclimatized aloft the 100 alternate simple affective average.
However, the upside move was capped by the $225-226 attrition zone. Added importantly, there is a concise abutting bearish trend band formed with attrition at $225 on the alternate blueprint of ETH/USD. Additionally, the 50% Fib retracement akin of the contempo abatement from the $230 aerial to $220 low is additionally acting as a resistance. If buyers advance the amount aloft the trend band and $226, there could be added gains. The abutting major attrition on the upside aloft $226 is abreast the $230 level, which is additionally a cogent axis level. On the downside, an antecedent abutment is abreast the $222 akin and the 100 alternate SMA.
Looking at the chart, ETH amount is placed accurately aloft the $222, $220 and $214 abutment levels. As continued as the amount is aloft the $214 axis level, there are affairs of an upside move. In the mentioned case, the amount will best acceptable move aloft the $225-226 attrition zone.
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI – The RSI is currently placed aloft the 50 level.
Major Support Level – $220
Major Resistance Level – $226
