THELOGICALINDIAN - Key Highlights
Ethereum amount is adverse abundant affairs burden adjoin the US Dollar and bitcoin. ETH/USD is acceptable to abatement added as continued as it is beneath $106 and $110.
Yesterday, we discussed that ETH amount could analysis the $100 level adjoin the US Dollar. The ETH/USD brace did barter beneath the $110 and $105 abutment levels to access a bearish zone. There was alike a abutting beneath the $105 akin and the 100 alternate simple affective average. The amount traded abutting to the $100 akin and it seems like it could abide to move down. The contempo low was $100 and the abutting actual abutment is at $98.
On the upside, an antecedent attrition is the 23.6% Fib retracement akin of the contempo abatement from the $112 aerial to $100 low. Above $103, there is a acute bearish trend band in abode with attrition at $106 on the alternate blueprint of ETH/USD. The trend band attrition abreast $105-106 is cogent back it was a abutment earlier. Besides, the 50% Fib retracement akin of the contempo abatement from the $112 aerial to $100 low is abreast $105. Therefore, if the amount corrects highs, it could face a strong barrier abreast the $105 and $106 levels.
Looking at the chart, ETH amount is acutely beneath burden beneath $105. It is acceptable to breach the $100 and $95 levels to set the clip for added losses in the abreast term.
Hourly MACD – The MACD is boring affective aback in the bullish zone.
Hourly RSI – The RSI is currently positioned able-bodied beneath the 40 level.
Major Support Level – $95
Major Resistance Level – $106
