Ethereum Price (ETH) Remains Sell Despite Recent Bitcoin Recovery
technical analysis

Ethereum Price (ETH) Remains Sell Despite Recent Bitcoin Recovery

THELOGICALINDIAN - Ethereum amount is boring convalescent against the US Dollar forth with bitcoin ETH amount is acceptable to face a lot of hurdles abreast the 240 and 242 attrition levels

Ethereum Price Analysis

Recently, we saw a aciculate abatement in bitcoin, Ethereum, ripple and added major altcoins adjoin the US Dollar. ETH/USD alike bankrupt the $240 and $230 abutment levels. The brace traded abutting to the $210 akin and acclimatized able-bodied beneath the 100 alternate simple affective average. A beat low was formed abreast the $212 akin and the amount afresh started an upside correction.

More importantly, bitcoin amount acquired about 8%, sparking a accretion in ETH aloft the $220 resistance. Moreover, the amount bankrupt the 23.6% Fib retracement akin of the aftermost key bead from the $270 aerial to $212 low. It alike traded aloft the $230 level, but struggled to bright the $235 resistance. At the outset, there is an ascendance approach basic with attrition abreast $240 on the alternate blueprint of ETH/USD.

The approach attrition is additionally abreast the 50% Fib retracement akin of the aftermost key bead from the $270 aerial to $212 low. Therefore, the amount is acceptable to face a able attrition abreast the $240 area. A acknowledged abutting aloft the $240 attrition may advance the amount appear the $250 and $255 levels. The 100 alternate SMA is additionally positioned abreast the $255 akin and a bearish trend band on the aforementioned blueprint to act as a resistance.

Conversely, if there is no upside breach aloft the $240 resistance, the amount may resume its slide. An actual abutment is abreast the $225 level, beneath which it could analysis the $220 level. If there are added losses, the amount could revisit the $212 beat low in the abreast term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum amount is boring recovering, but there are abounding hurdles on the upside abreast $235, $240 and $255. Therefore, sellers abide in activity in the abbreviate appellation unless the beasts accretion backbone aloft $240 and $255.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently accident drive in the bullish zone.

Hourly RSIThe RSI for ETH/USD bootless to break aloft the 50 akin and is currently affective lower.

Major Support Level – $220

Major Resistance Level – $240