THELOGICALINDIAN - Key Highlights
Ethereum amount fell added adjoin the US Dollar and bitcoin. ETH/USD could abide to move bottomward and it may alike analysis the $102 abutment zone.
Yesterday, we discussed a brace of important resistances abreast $119 and $120 for ETH amount adjoin the US Dollar. The ETH/USD brace bootless to breach the $119 and $120 attrition and beneath recently. The amount traded beneath the key $109 abutment to move added into a bearish zone. It is now trading able-bodied beneath the $119 attrition and the 100 alternate simple affective average.
The contempo low was formed abreast $104 and the amount is currently accumulation losses. An antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo abatement from the $117 aerial to $104 low. However, the key hurdle for buyers is abreast the $113 akin and the 100 alternate simple affective average. Besides, yesterday’s accent important bearish trend band is complete with attrition at $114 on the alternate blueprint of ETH/USD. The trend band is aloft the 61.8% Fib retracement akin of the recent decline from the $117 aerial to $104 low. Therefore, it won’t be accessible for buyers to bright the $113 and $114 attrition levels.
Looking at the chart, ETH amount is acutely beneath a lot of burden beneath the $114 attrition level. If there is a breach beneath the $104 beat low, the amount may alike analysis the $102 abutment area. On the upside, a breach aloft $114 may advance the amount appear $119.
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI – The RSI is now able-bodied beneath the 50 level.
Major Support Level – $102
Major Resistance Level – $114
