THELOGICALINDIAN - Ethereum amount is in a antidotal abatement against the US Dollar while bitcoin is accumulation ETH amount ability extend its abatement to 172 afore it could ascend again
Ethereum Price Analysis
After basic a abbreviate appellation top abreast $186, ETH amount started a downside alteration adjoin the US Dollar. It bankrupt the $180 abutment akin and the 100 alternate simple affective boilerplate to access a abrogating zone. Moreover, the contempo abatement in bitcoin pushed Ethereum beneath the $178 level. The abatement was such that the amount activated the $175 abutment akin and it is currently accumulation losses.
It adapted aloft the $176 akin additional 23.6% Fib retracement akin of the aftermost bead from the $186 aerial to $175 beat low. However, the antecedent abutment breadth abreast the $180 akin is acting as a resistance. Besides, the 100 alternate SMA is additionally preventing assets abreast $179. More importantly, yesterday’s accent key bearish trend band is still alive with attrition abreast $179 on the alternate blueprint of ETH/USD.
Above the trend line, the abutting key attrition is abreast the $180 level. It coincides with the 50% Fib retracement akin of the aftermost bead from the $186 aerial to $175 beat low. If there is an upside breach aloft the trend line, the 100 alternate SMA, and $180, again the amount could alpha a beginning increase. The abutting key attrition breadth is abreast the $185 level, aloft which the amount could advance higher.
On the downside, there is a appropriate abutment basic abreast the $175 level. However, it seems like there could be a downside fasten afore the amount starts a beginning access aloft the $180 level.
Looking at the chart, Ethereum amount is acutely cutting lower beneath the $180 level. It seems like the amount could analysis the $172 akin afore it attempts a appropriate advancement move. Any added losses may conceivably advance the amount appear the key $170 abutment level. Overall, the amount is acceptable to complete its alteration abreast $172 or $170 afore it could acceleration again.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is assuming a few bearish signs.
Hourly RSI – The RSI for ETH/USD is currently beneath the 50 level, with a bearish angle.
Major Support Level – $172
Major Resistance Level – $180
