THELOGICALINDIAN - Key Highlights
Ethereum amount is beneath burden adjoin the US Dollar and Bitcoin. ETH/USD is now able-bodied beneath $700 and it charcoal at a accident of added losses.
Ethereum Price Resistance
Yesterday, there was a minor upside move aloft $700 in ETH amount adjoin the US Dollar. However, the amount was not able to move aloft the $720 resistance. It traded as aerial as $719.77 afore it started a downside move. The amount beneath acutely and confused beneath the $700 abutment level. The abatement was able as there was a abutting beneath $700 and the 100 alternate simple affective average.
More importantly, there was a breach beneath an ascendance approach with abutment at $690 on the alternate blueprint of ETH/USD. The brace traded beneath the $670 akin and formed a low at $656.16. It is currently accumulation losses aloft the $656 level. At the moment, the 23.6% Fib retracement akin of the aftermost abatement from the $719 aerial to $656 low is acting as a resistance. However, there are abounding barriers on the upside abreast $690. The declared $690 akin was a support earlier, and now it is acceptable to anticipate upsides.
Looking at the chart, the 50% Fib retracement akin of the aftermost abatement from the $719 aerial to $656 low about $687 may able-bodied act as a able hurdle. On the downside, the contempo low of $656 is a concise support, beneath which, the amount may barter appear $638 in the abreast term.
Hourly MACD – The MACD has confused aback acerb in the bearish zone.
Hourly RSI – The RSI is currently convalescent from the oversold levels.
Major Support Level – $656
Major Resistance Level – $690
