THELOGICALINDIAN - Key Highlights
Ethereum amount is assuming absolute signs adjoin the US Dollar and bitcoin. ETH/USD may actual lower in the abbreviate appellation appear $206 or $204.
There was a solid abutment base formed abreast $198 in ETH amount adjoin the US Dollar. The ETH/USD brace started an advancement move and traded aloft the $205, $212 and $216 levels. The upside move was able as there was a abutting aloft the $205 akin and the 100 alternate simple affective average. The amount traded as aerial as $218 and after started a aciculate downside correction.
It confused beneath the 50% Fib retracement akin of the contempo beachcomber from the $198 low to $218 high. The contempo abatement was sharp, but the amount is now abutting the $204-206 abutment area. There are additionally two abutting bullish trend curve formed with abutment at $206 and $204 on the alternate blueprint of ETH/USD. The additional trend band is abutting to the 61.8% Fib retracement akin of the contempo beachcomber from the $198 low to $218 high. Therefore, if the amount continues to decline, it could acquisition a solid abutment abreast the $204-206 zone. Beneath $204, the amount may analysis the $200 handle.
Looking at the chart, ETH amount acutely struggled to break aloft $210, but it is still able-bodied accurate aloft $204. On the upside, an antecedent attrition is at $212, aloft which the amount could barter accomplished $215. The capital hurdle for the accepted assemblage is abreast the $221 level.
Hourly MACD – The MACD is affective aback in the bearish zone.
Hourly RSI – The RSI is currently able-bodied aloft the 50 level.
Major Support Level – $204
Major Resistance Level – $212
