THELOGICALINDIAN - Key Highlights
Ethereum amount is accepting drive adjoin the US Dollar and Bitcoin. ETH/USD is surging and it could anon breach the $525 akin for added upsides.
Ethereum Price Trend
Yesterday, there was a minor downside correction from the $480 attrition in ETH amount adjoin the US Dollar. The ETH/USD brace adapted lower and activated the $465 abutment area. It activated the 38.2% Fib retracement akin of the aftermost beachcomber from the $443 low to $480 high. Buyers appeared, adequate added losses, and pushed the amount aback aloft $480. The amount acquired bullish drive and alike bankrupt the $500 resistance.
It traded as aerial as $513.65 and is currently acclimation lower. It activated the 23.6% Fib retracement akin of the aftermost leg from the $465 low to $513 high. It seems like the $500 akin is now acting as a abutment and preventing declines. Below $500, the abutting abutment is abreast the $490 level. Furthermore, yesterday’s accent important bullish trend band is alive with abutment at $480 on the alternate blueprint of ETH/USD. Overall, the amount charcoal able-bodied accurate for more gains aloft $480. At the outset, the accepted amount accumulation indicates that the amount could breach the $513 aerial in the advancing hours.
Looking at the chart, the amount is acceptable to advance appear the $525 level. Above this, the abutting stop for buyers could be about $550. In the abbreviate term, there may able-bodied be a few bottomward spikes, which are acceptable to acquisition bids abreast $500 and $480.
Hourly MACD – The MACD is placed accurately in the bullish zone.
Hourly RSI – The RSI is currently able-bodied aloft the 70 level.
Major Support Level – $500
Major Resistance Level – $525
