THELOGICALINDIAN - Key Highlights
Ethereum amount is trading with a absolute bent adjoin the US Dollar and Bitcoin. ETH/USD could advance assets aloft the $545 and $548 levels in the abreast term.
Ethereum Price Upside Move
After a downside correction beneath $530, ETH amount begin abutment adjoin the US Dollar. The amount activated the $520-525 abutment area and recovered nicely. There was a appropriate abject formed abreast the 50% Fib retracement akin of the aftermost leg from the $485 beat low to $548 high. More importantly, there was no breach beneath $520 and the 100 alternate simple affective average.
A new advancement beachcomber was accomplished and the amount climbed aloft the $530 resistance. There was a breach aloft the 50% Fib retracement akin of the aftermost abatement from the $548 aerial to $517 low. At the moment, the amount is trading abreast a aloft attrition area and is testing the $545-548 zone. A breach and abutting aloft this may conceivably accessible the doors for added assets aloft the $555 akin in the abreast term. On the downside, yesterday’s accent important bullish trend line is complete with abutment at $518 on the alternate blueprint of ETH/USD. Before the trend line, the $525 abutment and the 100 alternate SMA could stop declines.
Looking at the chart, the amount is trading with a absolute bent aloft $530. A breach aloft the $548 aerial could absolutely put a lot of burden on sellers and ETH could jump aloft the $555 level.
Hourly MACD – The MACD has confused aback in the bullish zone.
Hourly RSI – The RSI is now aback aloft the 55 level.
Major Support Level – $518
Major Resistance Level – $548
