THELOGICALINDIAN - Key Highlights
Ethereum amount is boring convalescent adjoin the US Dollar and bitcoin. However, ETH/USD is acceptable to face a lot of hurdles abreast $198 and 100 alternate SMA.
Yesterday, there was a major downside move beneath the $198 abutment in ETH amount adjoin the US Dollar. The ETH/USD brace beneath beneath the $195 akin and traded appear the $190 level. It traded as low as $190.91 acclimatized beneath the 100 alternate simple affective average. Later, the amount started an upside alteration and traded aloft the $194 and $195 levels.
Buyers additionally pushed the amount aloft the 23.6% Fib retracement akin of the aftermost bead from the $204 beat aerial to $190 beat low. The amount additionally confused aloft the $196 level, but it faced a able attrition abreast the $198 level. The declared $198 akin was a abutment beforehand and now it is acting as a attrition forth with the 100 alternate simple affective average. Besides, the 50% Fib retracement akin of the aftermost bead from the $204 beat aerial to $190 beat low is additionally abreast the $198 level. More importantly, there is a key abutting bearish trend band formed with attrition at $198 on the alternate blueprint of ETH/USD.
Looking at the chart, ETH amount is adverse a boxy claiming abreast the $198 and $199 levels. As continued as the amount is beneath these resistances, it could resume its abatement beneath $196. On the downside, the $190 akin is a solid abutment followed by the $185 level.
Hourly MACD – The MACD is currently placed in the bullish zone.
Hourly RSI – The RSI is aback aloft the 50 level.
Major Support Level – $190
Major Resistance Level – $198
