THELOGICALINDIAN - Ethereum amount is trading in a bearish area against the US Dollar and bitcoin ETH amount could abide to accelerate and it seems like the amount ability alike breach 200
Ethereum Price Analysis
Yesterday, we saw an upside alteration in ETH amount aloft the $210 attrition adjoin the US Dollar. Bitcoin amount additionally recovered aloft $11,400, but it bootless to accretion drive aloft the $11,500 resistance. Ether’s amount topped abreast the $215 and $216 attrition levels and afresh confused low. Moreover, the amount bootless to bright the 61.8% Fib retracement akin of the abatement from the $226 aerial to $201 beat low.
The contempo abatement was such that the amount bankrupt the $214 abutment and the 100 alternate simple affective average. Additionally, there was a breach beneath the 23.6% Fib retracement akin of the accretion from the $201 low to $216 beat high. More importantly, yesterday’s accent key ascendance approach with abutment abreast $213 was breached on the alternate blueprint of ETH/USD.
The amount activated the $209 level, which represents the 50% Fib retracement akin of the accretion from the $201 low to $216 beat high. If there are added losses, the amount could analysis the $205 abutment level. The capital abutment on the downside is abreast the $200 and $201 levels. If the bears accomplish in blame the amount beneath $200, there could be abundant losses in the abreast term.
On the upside, an actual attrition is abreast the $214 akin and the 100 alternate SMA. The capital attrition is abreast the $216 area. A acknowledged breach aloft the $216 breadth is acceptable to accessible the doors for appropriate assets in the advancing sessions. The abutting attrition on the upside is abreast the $220 area.
Looking at the chart, Ethereum amount seems to be trading in a bearish area beneath the $215 and $216 levels. Therefore, there is a accident of added downsides beneath the $208 and $205 levels. Furthermore, if the $200 abutment fails to authority losses, the beasts ability appear beneath a lot of burden in the abreast term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is still placed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently convalescent appear the 45 level.
Major Support Level – $208
Major Resistance Level – $216