THELOGICALINDIAN - Ethereum amount is bottomward abutting to 10 against the US Dollar with able bearish moves vs bitcoin ETH amount charcoal in a declivity and it could abatement added to 162
Ethereum Price Analysis
In the accomplished few days, we saw how ETH amount struggled to bright the $192 and $195 attrition adjoin the US Dollar. The amount alike acclimatized beneath the $190 abutment and the 100 alternate simple affective average. As a result, there was a aciculate abatement beneath the $185 and $180 abutment levels. The amount beneath about 10% and alike bankrupt the $172 abutment area. Similarly, there were able bearish moves in bitcoin, ripple, EOS, and binance coin.
A new account low was formed abreast $166 afore Ethereum started an upside correction. It recovered aloft the $170 akin additional the 23.6% Fib retracement akin of the contempo bead from the $188 beat aerial to $166 beat low. However, the advancement move was capped by the $174-175 zone. Moreover, the amount bootless to analysis the 50% Fib retracement akin of the contempo bead from the $188 beat aerial to $166 beat low.
Recently, there was a breach beneath a bearish assiduity arrangement with abutment abreast $172 on the alternate blueprint of ETH/USD. The brace is now trading abreast the $170 akin and it seems like it could abide to move down. An actual abutment is abreast the $166 and $165 levels. However, the capital ambition for the bears could be abreast the $162 akin in the abreast term.
On the upside, there are abounding hurdles abreast the $175 level. However, the capital attrition is now abreast the $180 and $182 levels (the antecedent supports). Besides, the 61.8% Fib retracement akin of the contempo bead from the $188 beat aerial to $166 beat low is additionally abreast the $180 level.
Looking at the chart, Ethereum amount is acutely adverse a able attrition abreast the $172 and $175 levels. Therefore, it ability abide to move bottomward beneath the $170 and $166 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring abbreviation its contempo bearish slope.
Hourly RSI – The RSI for ETH/USD is still in the acute oversold area, with bearish signs.
Major Support Level – $165
Major Resistance Level – $175
