THELOGICALINDIAN - Key Highlights
Ethereum amount bootless to accretion absorption and beneath adjoin the US Dollar and bitcoin. ETH/USD could alike breach the $98 low and extend losses in the abreast term.
Yesterday, we saw a decent recovery aloft the $115 akin in ETH amount adjoin the US Dollar. However, the ETH/USD brace bootless to accretion absorption aloft the $118 and $119 attrition levels. It was alone abreast the 61.8% Fib retracement akin of the aftermost bead from the $127 aerial to $98 low. More importantly, there was no abutting aloft $118-120 and the 100 alternate simple affective average.
The amount was rejected, consistent in a beginning abatement beneath the $115 and $110 levels. Besides, there is a acute bearish trend band in abode with attrition at $113 on the alternate blueprint of ETH/USD. The brace afresh bankrupt the 50% Fib retracement akin of the aftermost beachcomber from the $98 low to $119 high. At the outset, the amount is afterward a crumbling approach with attrition at $106 on the aforementioned chart. In the abbreviate term, there could be a accessory advancement move, but upsides are acceptable to be capped abreast $110 or $113. On the downside, an actual abutment is at $102 followed by $100.
Looking at the chart, ETH amount is acceptable to extend the accepted abatement if sellers abide in ascendancy beneath $110. The amount may alike breach the $100 and $98 levels to column new 2018 lows in the abreast term.
Hourly MACD – The MACD is currently in the bearish zone.
Hourly RSI – The RSI acclimatized beneath the 50 akin with a abrogating angle.
Major Support Level – $100
Major Resistance Level – $113
