THELOGICALINDIAN - Key Highlights
Ethereum amount is positioned for added assets adjoin the US Dollar and bitcoin. ETH/USD could actual lower, but dips appear $416 and $412 charcoal supported.
Recently, there was a consolidation phase formed beneath the $212 and $216 resistances for ETH amount adjoin the US Dollar. The ETH/USD brace formed a appropriate abutment abject abreast the $207 akin and after started an upside move. It bankrupt abounding resistances during the acceleration such as $210, $212 and $216. The amount additionally acclimatized aloft the $210 akin and the 100 alternate simple affective average.
More importantly, this week’s followed important bearish trend band was breached abreast $209 on the alternate blueprint of ETH/USD. The brace alike bankrupt the $220 attrition and traded appear the $230 level. A new intraday aerial was formed at $229.88 afore the amount started a downside correction. At present, the amount is treading abreast the $220 level. It is abutting to the 23.6% Fib retracement akin of the aftermost beachcomber from the $197 low to $229 high. If there is a downside extension, the amount could analysis the antecedent attrition abreast $216. It is aloft the 50% Fib retracement akin of the aftermost beachcomber from the $197 low to $229 high.
Looking at the chart, ETH amount trading with a bullish bent aloft the $216 level. Any alteration from the accepted levels is acceptable to acquisition abutment abreast $216 and $213. On the upside, a breach aloft the $228 and $230 attrition could advance the amount appear $240.
Hourly MACD – The MACD is accepting backbone in the bullish zone.
Hourly RSI – The RSI is able-bodied aloft the 60 level.
Major Support Level – $216
Major Resistance Level – $228
