THELOGICALINDIAN - Key Highlights
Ethereum amount beneath heavily adjoin the US Dollar and bitcoin. ETH/USD activated the $165 akin and it charcoal at a accident of added losses.
There was a awful abatement in ETH amount beneath the $200 abutment breadth adjoin the US Dollar. Bitcoin price confused heavily, which added affairs burden and pushed the ETH/USD brace beneath the $180 and $170 levels. The amount traded to a new account low at $165 and it is currently able-bodied beneath the 100 alternate simple affective average. At the moment, the amount is accumulation losses aloft the $165 akin with a bearish angle.
It recovered aloft the 23.6% Fib retracement akin of the contempo bead from the $205 aerial to $165 low. However, the upside move faced a able attrition abreast the $180 level. More importantly, there is a abbreviate appellation application triangle formed with attrition at $178 on the alternate blueprint of ETH/USD. The brace may abide to move in a ambit beneath $180 afore it makes the abutting move. If there is a downside break beneath $170, the amount could barter beneath the $165 low. The abutting aloft abutment is abutting to the $150 level. On the added hand, a breach aloft $180 is acceptable to face sellers abreast $185. It represents the 50% Fib retracement akin of the contempo bead from the $205 aerial to $165 low.
Looking at the chart, ETH amount charcoal at a accident of added losses beneath $170 and $165. Selling rallies abutting to $180 or $185 can be advised as continued as there is no abutting aloft $200.
Hourly MACD – The MACD is hardly in the bullish zone.
Hourly RSI – The RSI is currently abreast the 30 level.
Major Support Level – $165
Major Resistance Level – $180
