Ethereum Price (ETH) Struggling While Bitcoin Is Up 4%

THELOGICALINDIAN - Ethereum amount is currently accumulation aloft 220 against the US Dollar while bitcoin is up 4 ETH amount charge break aloft the 220 abutment to ascend higher

Ethereum Price Analysis

Yesterday, we saw a downside alteration in bitcoin and Ethereum amount adjoin the US Dollar. Later, BTC/USD climbed aback aloft $11,800, but ETH/USD faced a lot of hurdles. The brace formed a appropriate abutment abject aloft the $222 level. There was a appropriate upside alteration aloft the $225 akin and the 100 alternate simple affective average. Moreover, the amount traded aloft $228, but it bootless to accretion backbone aloft the $230 resistance.

As a result, there was a beginning abatement beneath $225 and the amount retested the $222 support. A beat low was formed abreast the $220 akin and the amount is currently consolidating. It is aloft the $225 akin additional the 50% Fib retracement akin of the contempo abatement from the $231 aerial to $220 beat low. However, the beasts are adverse a able attrition abreast the $227 and $230 levels.

Moreover, the 61.8% Fib retracement akin of the contempo abatement from the $231 aerial to $220 beat low is abreast the $227 level. Additionally, there is a abutting bearish trend band basic with attrition abreast $228 on the alternate blueprint of ETH/USD. Therefore, an upside breach aloft the $227, $228 and $230 attrition levels is bare for a able acceleration in the abreast term.

On the downside, there are abounding supports aloft the $220 and $222 levels. There is additionally a key bullish trend band basic with abutment abreast $222 on the aforementioned chart. Therefore, a downside breach beneath the $222 and $220 abutment levels ability alpha addition bearish wave.

Looking at the chart, Ethereum amount is acutely trading aloft the key $220 and $222 abutment levels. As continued as there is no downside breach beneath the $220 support, the amount could animation back. Having said that, a acknowledged breach aloft the $230 attrition is bare for an upside dispatch appear $235 and $240.