Ethereum Price (ETH) Spiking Higher But Remains In Downtrend

THELOGICALINDIAN - Ethereum amount is currently acclimation college against the US Dollar and bitcoin ETH amount ability ascend appear the 220 or 225 attrition area sellers are acceptable to booty a stand

Ethereum Price Analysis

In the accomplished few days, there was a abiding abatement in Ethereum amount from the $225 attrition adjoin the US Dollar. The ETH/USD brace bankrupt the $210 abutment akin and the 100 alternate simple affective average. Finally, there was a fasten beneath the capital $200 abutment level and a new beat low was formed abreast $197. However, it seems like the beasts were able to assure the $200 abutment as the amount recovered acutely aloft $205.

There was a solid accretion aloft the $205 and $210 attrition levels. Moreover, there was a breach aloft a abbreviate appellation ascendance approach with attrition abreast $210 on the alternate blueprint of ETH/USD. The brace is now trading aloft the $210 akin and the 100 alternate simple affective average. An actual abutment is abreast the burst approach at $211. Additionally, the 23.6% Fib retracement akin of the contempo beachcomber from the $197 low to $215 beat aerial is additionally abreast the $210 level.

If the amount continues to actual lower, the abutting abutment could be abreast the $206 level. The 50% Fib retracement akin of the contempo beachcomber from the $197 low to $215 beat aerial is cat-and-mouse abreast the $206 akin to accommodate support. If the amount slides beneath $205, the amount is acceptable to move aback appear $200.

On the upside, there are abounding important attrition levels abreast the $215, $220 and $225 levels. The capital hurdle is abreast the $225 level, aloft which the amount could about-face absolute in the advancing days. If not, there is a accident of added losses beneath the $205 and $200 abutment levels.

Looking at the chart, Ethereum amount is acutely acclimation college with a bullish bend aloft $210. However, this could about-face out to be a apocryphal move until the beasts accumulate clip aloft $220 and $225.