THELOGICALINDIAN - Key Highlights
Ethereum amount is aback in a absolute area adjoin the US Dollar and Bitcoin. ETH/USD may abide to acceleration appear the $615 and $620 levels in the abreast term.
Ethereum Price Support
After a major downside correction beneath $600, ETH amount begin abutment about $570-572 adjoin the US Dollar. The amount formed a base, started an upside move and bankrupt the $585 and $590 attrition levels. It additionally succeeded in allowance the $600 barrier and acclimatized aloft the 100 alternate simple affective average. The accepted amount activity is absolute back there was a abutting aloft the $600 resistance.
During the upside, there was a breach aloft two key bearish trend curve with attrition abreast $588 and $591 on the alternate blueprint of ETH/USD. The brace after bankrupt the 50% Fib retracement akin of the aftermost abatement from the $635 aerial to $572 low to abode itself in a bullish zone. At present, the amount is accumulation assets about the $605 level. An antecedent attrition is abreast the 61.8% Fib retracement akin of the last decline from the $635 aerial to $572 low at $611. Aloft this, the amount will best acceptable billow aloft the $615 akin and it may able-bodied analysis $620.
Looking at the chart, there are a few key supports on the downside abreast $596 and the 100 alternate SMA. Therefore, if the amount corrects lower from the accepted levels, it may acquisition abutment abreast $600 and $595.
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI – The RSI is placed able-bodied aloft the 50 level.
Major Support Level – $595
Major Resistance Level – $615
