THELOGICALINDIAN - Key Highlights
Ethereum amount is assuming absolute signs adjoin the US Dollar and Bitcoin. ETH/USD could barter added college if it stays aloft the $555 abutment zone.
Ethereum Price Support
There was a strong affairs absorption aloft the $500 handle in ETH amount adjoin the US Dollar. It resulted in a aciculate upside move and the amount traded up by added than $50. The amount bankrupt a brace of key resistances such as $520 and $535. Added importantly, there was a breach aloft a acute axis akin at $555. It indicates that the amount managed to move aback in a absolute area aloft $550.
Additionally, yesterday’s accent aloft bearish trend band with attrition at $538 was breached on the alternate blueprint of ETH/USD. The brace is currently trading able-bodied aloft the 50% Fib retracement akin of the aftermost abatement from the $607 aerial to $505 low. It seems like the amount may abide to move up appear the $580 and $590 levels in the abreast term. A breach aloft the 76.4% Fib retracement akin of the last decline from the $607 aerial to $505 low is bare for an upside acceleration. Aloft $590, the amount could accomplish an attack to beat the $600-607 attrition zone.
Looking at the chart, the amount charcoal able-bodied accurate on the downside aloft the $555 level. If the amount moves down, the 100 alternate SMA and the declared $555 abutment breadth acceptable to act as a able zones.
Hourly MACD – The MACD is aback in the bullish zone.
Hourly RSI – The RSI is affective into the overbought levels aloft 65.
Major Support Level – $555
Major Resistance Level – $590
