THELOGICALINDIAN - Key Highlights
Ethereum amount continued losses adjoin the US Dollar and bitcoin. ETH/USD may actual a few points, but upsides are acceptable to be capped abreast $196-198.
Yesterday, there was a sharp downside move beneath the $220 abutment in ETH amount adjoin the US Dollar. The ETH/USD brace alike traded beneath the $200 abutment and after started an upside correction. However, the upside move was independent and the amount was not able to move aloft the $205-210 zone. The amount started a beginning abatement and confused beneath yesterday’s low and the $190 level.
During the slide, there was a breach beneath a key application triangle with abutment at $194 on the alternate blueprint of ETH/USD. A new account low was formed at $184.15 afore the amount started an upside correction. The amount is testing the 50% Fib retracement akin of the aftermost bead from the $203 aerial to $184 low. On the upside, there are many resistances abreast the $195-198 zone. The burst triangle abutment and the aerial trend band at $196 are acceptable to anticipate gains. Moreover, the 61.8% Fib retracement akin of the aftermost bead from the $203 aerial to $184 low is additionally acceptable to act as a resistance.
Looking at the chart, ETH amount seems to be abutting key resistances abreast the $195, $196 and $198 levels. A breach aloft these is bare for a accretion aloft $200. On the downside, a advance beneath $184 could advance losses appear $192.
Hourly MACD – The MACD is aback in the bearish zone.
Hourly RSI – The RSI is boring recovering, but it is still beneath the 40 level.
Major Support Level – $184
Major Resistance Level – $198
