THELOGICALINDIAN - Key Highlights
Ethereum amount bootless to authority assets adjoin the US Dollar and bitcoin. ETH/USD buyers did not accomplish in allowance a able advertise area abreast $300 and the 100 alternate SMA.
Ethereum Price Resistance
Yesterday, there was a short-term correction accomplished aloft the $260 akin in ETH amount adjoin the US Dollar. The ETH/USD brace traded aloft the $275 and $285 levels to accretion traction. There was additionally a breach aloft the 50% Fib retracement akin of the aftermost downside move from the $332 aerial to $249 low. The amount acicular aloft the $300 level, but it bootless to achieve aloft the 100 alternate simple affective average.
More importantly, a above bearish trend band capped assets with accepted attrition at $299 on the alternate blueprint of ETH/USD. The brace beneath and bankrupt the $295 and $292 levels. It additionally bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $249 low to $305 high. On the downside, an initial support is abreast the $277 level. It represents the 50% Fib retracement akin of the aftermost beachcomber from the $249 low to $305 high. Below this, the amount could analysis the $273 and $271 abutment levels.
Looking at the chart, ETH amount is assuming a few absolute signs aloft $273, but it has to move accomplished the $300 hurdle. Moreover, buyers charge to advance the amount aloft the contempo aerial at $305 and the 100 alternate SMA to accretion traction.
Hourly MACD – The MACD has confused aback in the bearish zone.
Hourly RSI – The RSI is now already afresh aback beneath the 50 level.
Major Support Level – $271
Major Resistance Level – $299
