THELOGICALINDIAN - Ethereum amount accretion remained capped adjoin the US Dollar and bitcoin ETHUSD may abide to consolidate aloft the 100 abutment afore the abutting key break
Ethereum Price Analysis
Yesterday, there was a short appellation upside correction from the $100 beat low in ETH amount adjoin the US Dollar. The ETH/USD brace traded aloft the $102 and $104 attrition levels. However, the amount bootless abreast a above attrition breadth at $105 and the 100 alternate simple affective average. Moreover, there was a abortion empiric abreast the 61.8% Fib retracement akin of the aftermost bead from the $107 aerial to $100 low. The amount topped abreast the $105 akin and after started a downside move.
It bankrupt the $104 akin and the 23.6% Fib retracement akin of the contempo beachcomber from the $100 beat low to $105 beat high. On the downside, there are a few supports abreast the $103 level. If the amount continues to move down, it could analysis the $102 level. It represents the 61.8% Fib retracement akin of the contempo beachcomber from the $100 beat low to $105 beat high. The capital abutment is at $100, beneath which there is a accident of a sharp bead appear the $95 support. On the upside, there are abounding hurdles abreast the $104 and $105 attrition levels. Additionally, yesterday’s accent acute bearish trend band is complete with attrition abreast $104 on the alternate blueprint of ETH/USD.
Looking at the chart, ETH amount charcoal beneath the key $104 and $105 attrition levels. If buyers abide to attempt abreast the $105 level, there could be a downside acknowledgment beneath the $100 support.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective aback in the bearish zone.
Hourly RSI – The RSI for ETH/USD is aback beneath the 50 level, with a bearish angle.
Major Support Level – $100
Major Resistance Level – $105
