THELOGICALINDIAN - Key Highlights
Ethereum amount is adverse an added affairs burden adjoin the US Dollar and bitcoin. ETH/USD could advance losses as continued as the amount is beneath $224.
Yesterday, we saw the alpha of a downside move from the $236-238 area in ETH amount adjoin the US Dollar. The ETH/USD brace beneath and bankrupt the $225 and $220 abutment levels. Later, there was a abutting beneath the $220 akin and the 100 alternate simple affective average. The amount activated the $204 akin and after adapted higher. There was a advance aloft the 23.6% Fib retracement akin of the aftermost abatement from the $246 aerial to $204 low.
However, the amount bootless to move aloft the $220 and $222 levels. More importantly, there are two bearish trend curve in abode with attrition at $220 and $234 on the alternate blueprint of ETH/USD. Aloft the aboriginal trend line, the abutting attrition is abreast $224. It represents the 50% Fib retracement akin of the aftermost abatement from the $246 aerial to $204 low. Moreover, the 100 alternate SMA is additionally abreast $224. Therefore, buyers are likely to struggle abreast the $224 and $225 levels in the abreast term.
Looking at the chart, ETH amount charcoal at a accident of added losses if there is no breach aloft $220 and $224. Aloft these two, the abutting barrier is abutting to $232. On the downside, a breach beneath $204 may alarm for added losses beneath the $200 level.
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI – The RSI is currently beneath the 50 level.
Major Support Level – $204
Major Resistance Level – $224
