THELOGICALINDIAN - Key Highlights
Ethereum amount beneath acutely adjoin the US Dollar and bitcoin. ETH/USD confused into a bearish area beneath the $200 and $197 abutment levels.
After trading in a ambit for a few days, ETH amount started a downside move adjoin the US Dollar. The ETH/USD brace beneath acutely afterwards it bootless to move accomplished the $203 and $204 attrition levels. The amount bankrupt the $201, $200 and $197 abutment levels to move into a bearish zone. There was alike a abutting beneath the $197 abutment and the 100 alternate simple affective average.
During the decline, there was a breach beneath a acute application triangle with abutment at $199 on the alternate blueprint of ETH/USD. The brace traded abutting to the $190 abutment and it is currently acclimation higher. It confused aloft the 23.6% Fib retracement akin of the contempo abatement from the $203 aerial to $190 low. On the upside, there are abounding resistances abreast the $197 level, which acted as a abutment earlier. It additionally represents the 50% Fib retracement akin of the contempo abatement from the $203 aerial to $190 low. Therefore, if the brace continues to correct higher, it is acceptable to face a lot of offers abreast the $197 level. Aloft $197, the abutting attrition is abreast $200 and the 100 alternate SMA.
Looking at the chart, ETH amount is beneath a lot of burden beneath the $197 level. If sellers abide in action, there are aerial affairs of added declines beneath the contempo $190 low.
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI – The RSI is convalescent appear the 40 level.
Major Support Level – $190
Major Resistance Level – $197
