THELOGICALINDIAN - Key Highlights
Ethereum amount is assuming abbreviate appellation accretion signs adjoin the US Dollar and bitcoin. ETH/USD could acceleration appear the $203 or $206 attrition levels.
There was a downside extension beneath the $200 abutment akin in ETH amount adjoin the US Dollar. The ETH/USD brace beneath beneath the $199 akin and the 100 alternate simple affective average. There was a bright breach beneath the 61.8% Fib retracement akin of the aftermost leg from the $195 beat low to $206 high. The amount traded abutting to the $196-197 abutment breadth area buyers emerged.
As a result, there was a appropriate accretion and the amount climbed aloft the $200 level. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $206 aerial to $197 low. Besides, there was a breach aloft a key bearish trend band with attrition at $201 on the alternate blueprint of ETH/USD. The brace acclimatized aloft the $200 akin and it is currently accumulation abreast the 100 alternate simple affective average. On the upside, an immediate resistance is abreast $202. It represents the 50% Fib retracement akin of the contempo abatement from the $206 aerial to $197 low.
Looking at the chart, ETH amount could balance aloft the $202 and $203 levels in the abreast term. However, it won’t be accessible for buyers to bright the $205-206 zone. On the downside, the capital supports are arresting abreast the $200 and $197 levels.
Hourly MACD – The MACD is currently placed in the bullish zone.
Hourly RSI – The RSI is currently able-bodied aloft the 40 level.
Major Support Level – $200
Major Resistance Level – $206
