THELOGICALINDIAN - Key Highlights
Ethereum amount is mostly accumulation adjoin the US Dollar and bitcoin. ETH/USD could abatement already afresh if there is no abutting aloft the $224-225 resistance.
Yesterday, there was a decent recovery aloft the $220 akin in ETH amount adjoin the US Dollar. The ETH/USD brace additionally confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $240 beat aerial to $214 low. However, the upside move faced a able attrition abreast the antecedent abutment at $224-225. The amount bootless to achieve aloft the $224 attrition and is currently affective south.
It is now trading beneath the 23.6% Fib retracement akin of the contempo upside move from the $214 low to $225 high. More importantly, it seems like the 100 alternate simple affective average is acting as a solid barrier abreast $223.50. There is additionally a crumbling approach in abode with attrition at $223 on the alternate blueprint of ETH/USD. Therefore, the amount has to breach the $223 and $224 attrition levels to barter added higher. The abutting key attrition to the boarded is abreast $234, which is the antecedent beat high. On the downside, the 61.8% Fib retracement akin of the contempo upside move from the $214 low to $225 aerial at $218 is an actual support.
Looking at the chart, ETH amount is acutely disturbing to beat the $224 resistance. If sellers advance the amount beneath the $218 support, there could be a downside breach appear the $214 and $212 levels.
Hourly MACD – The MACD is hardly placed in the bearish zone.
Hourly RSI – The RSI is currently beneath the 50 level.
Major Support Level – $218
Major Resistance Level – $224
