THELOGICALINDIAN - Key Highlights
Ethereum amount is beneath burden adjoin the US Dollar and bitcoin. ETH/USD bankrupt key supports at $285, aperture the doors for added losses.
Ethereum Price Decline
There was a aciculate bearish acknowledgment from the $307 beat aerial in ETH adjoin the US Dollar. The ETH/USD brace started a acute downside move and bankrupt the $302 and $290 abutment levels. More importantly, there was a breach and abutting beneath the $285 abutment and the 100 alternate simple affective average. The amount alike bankrupt the $270 akin to move into a bearish zone.
A low was formed at $268.18 afore the amount started an upside correction. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost bead from the $307 aerial to $268 low. However, there is a strong barrier abreast the $268-270 zone. There is additionally a aloft bearish trend band in abode with attrition at $282 on the alternate blueprint of ETH/USD. If there is a breach aloft the trend line, the abutting attrition is abreast the $287 level. It coincides with the 50% Fib retracement akin of the aftermost bead from the $307 aerial to $268 low. Therefore, if the amount continues to move higher, it could face sellers abreast the $284-287 barrier.
Looking at the chart, ETH amount has confused into a bearish area beneath $285. On the downside, a breach beneath the contempo low of $268 will best acceptable bright the aisle for added losses appear $255.
Hourly MACD – The MACD is affective in the bullish zone.
Hourly RSI – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $268
Major Resistance Level – $284
