THELOGICALINDIAN - Key Highlights
Ethereum amount is disturbing to accretion absorption adjoin the US Dollar and bitcoin. ETH/USD is acceptable to face a able affairs absorption abreast the $224 level.
Recently, we saw a decent affairs interest abreast the $204 akin in ETH amount adjoin the US Dollar. The ETH/USD brace started an advancement accretion and confused aloft the $210 level. There was additionally a breach aloft the 23.6% Fib retracement akin of the contempo accelerate from the $245 aerial to $204 beat low. However, the upside move was capped by the $222-224 area and the 100 alternate simple affective average.
The amount is currently beneath burden beneath $224 and the 100 alternate SMA, and is testing the antecedent attrition at $213. There is additionally a concise ascendance approach in abode with abutment at $214 on the alternate blueprint of ETH/USD. As continued as the brace is aloft the approach support, there could be more gains aloft the $220 level. However, the $224 akin is a cogent resistance. It coincides with the 50% Fib retracement akin of the contempo accelerate from the $245 aerial to $204 beat low. Aloft the $224 level, there is a bearish trend band in abode with attrition at $232 on the aforementioned chart.
Looking at the chart, ETH amount is acutely disturbing to accretion bullish drive aloft $220 and 100 SMA. On the downside, a breach beneath the approach abutment may advance the amount appear $204.
Hourly MACD – The MACD is hardly placed in the bearish zone.
Hourly RSI – The RSI is currently positioned with a collapsed anatomy aloft the 50 level.
Major Support Level – $213
Major Resistance Level – $224
