THELOGICALINDIAN - Ethereum amount is crumbling heavily and is already bottomward added than 15 against the US Dollar agnate to bitcoin ETH amount could abide to accelerate if it break the 190 abutment area
Ethereum Price Analysis
After a abbreviate appellation upside correction, Ethereum amount bootless to accretion absorption aloft $235 adjoin the US Dollar. ETH/USD started a beginning abatement and bankrupt a brace of important supports abreast the $225 and $220 levels. Added importantly, bitcoin price bootless abreast $11,000 and afresh beneath added than $1,000. The accepted amount activity is actual bearish and it seems like ETH could abide to dive beneath the $200 abutment level.
During the contempo slide, there was a break beneath a above ascendance channel with abutment abreast $230 on the alternate blueprint of ETH/USD. It opened the doors for a beginning abatement beneath the $220 and $210 levels. Moreover, there was a breach beneath the $200 abutment and the amount acclimatized able-bodied beneath the 100 alternate simple affective average. A new account low was formed abreast the $190 akin and the amount is still trading with a bearish angle.
An actual attrition is abreast the $200 akin additional the 23.6% Fib retracement akin of the contempo bead from the $235 aerial to $190 low. Moreover, there is a key bearish trend band basic with attrition abreast $210 on the aforementioned chart. The 50% Fib retracement akin of the contempo bead from the $235 aerial to $190 low is additionally abreast the $213 akin to act as a able attrition in the abreast term.
On the downside, an actual abutment is abreast the $192 and $190 levels. If there is a downside breach beneath the $190 support, the amount may analysis the $185 support. The capital abutment for the beasts is abreast the $180 level.
Looking at the chart, Ethereum amount is beneath a lot of burden beneath $200, while bitcoin amount dived beneath $9,500. Therefore, there could be added downsides beneath the $190 akin in the abreast term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently assuming abrogating signs in the bearish zone.
Hourly RSI – The RSI for ETH/USD beneath heavily and it is now able-bodied beneath the 40 level.
Major Support Level – $190
Major Resistance Level – $213
