THELOGICALINDIAN - Ethereum amount is trading aloft a brace of important supports against the US Dollar and bitcoin aloof from able-bodied aloft 12024 ETH amount ability ascend college afresh as continued as aloft 220
Ethereum Price Analysis
Yesterday, there was a aciculate acceleration in bitcoin and Ethereum amount aloft $12,200 and $230 appropriately adjoin the US Dollar. The ETH/USD brace alike traded aloft the $235 attrition and acclimatized aloft 100 alternate simple affective average. The brace traded abutting to the $240 akin and formed a new account high. However, the beasts bootless to breach the $240 resistance. As a result, there was a aciculate downside alteration beneath the $235 and $230 abutment levels.
Moreover, there was a breach beneath the 50% Fib retracement akin of the aftermost assemblage from the $216 low to $240 beat high. The amount alike beneath beneath the $225 abutment and acicular beneath the 100 alternate SMA. However, the $222 abutment akin acted as a support. Additionally, the 76.4% Fib retracement akin of the aftermost assemblage from the $216 low to $240 beat aerial acted as a support.
More importantly, yesterday’s accent important bullish trend band is alive with abutment abreast $224 on the alternate blueprint of ETH/USD. At the moment, the amount is currently trading aloft the $222 and $224 abutment levels. On the upside, an actual attrition is abreast the $228 level. If there is an upside breach aloft $228 and $230, the amount may ascend aback appear the $240 level.
On the added hand, a abutting beneath the trend line, the 100 alternate SMA, and $220 could atom addition bearish beachcomber in the abreast term. The abutting important abutment for the beasts beneath $220 is abreast the $212 level.
Looking at the chart, Ethereum amount is currently captivation a brace of key uptrend supports aloft $220. Therefore, as continued as the amount is aloft $220, there could be a apathetic and abiding rise. A acknowledged breach aloft $230 is bare for a appropriate acceleration appear the $235 and $240 resistances.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is acceptable to move aback into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently affective college appear the 50 level.
Major Support Level – $220
Major Resistance Level – $230
