THELOGICALINDIAN - Ethereum amount is trading in a bearish area against the US Dollar and bitcoin ETH amount could abide to move bottomward if it break the key 165 and 162 supports
Ethereum Price Analysis
Yesterday, there was a aciculate abatement in ETH amount beneath the $182 and $180 supports adjoin the US Dollar. The amount alike bankrupt beneath the $180 abutment and the 100 alternate simple affective average. Finally, there was a breach beneath the $170 abutment and the amount traded to a new account low abreast the $164 level. Similarly, there were abundant downsides in bitcoin, ripple, EOS, and binance coin.
Recently, Ethereum amount adapted college aloft the $165 and $166 levels. Moreover, there was a breach aloft the 50% Fib retracement akin of the contempo bead from the $174 aerial to $164 beat low. However, the advancement move was capped by the $170 and $172 attrition levels. It additionally seems like the amount bootless to accretion absorption aloft the 61.8% Fib retracement akin of the contempo bead from the $174 aerial to $164 beat low.
More importantly, there is a crumbling approach basic with attrition abreast $169 on the alternate blueprint of ETH/USD. The brace is currently trading in a bearish area beneath the $170 axis level. Therefore, the amount charge ascend aloft the $170 akin to alpha a appropriate recovery. If there is an upside breach aloft $170, the amount could balance appear $174 and $175.
On the downside, the capital supports are abreast the $165 and $164 levels. Besides, the $162 akin is additionally a able support. Therefore, a downside breach beneath the $162 abutment could alpha addition above abatement in the advancing sessions. The abutting above abutment is abreast the $154 and $150 levels.
Looking at the chart, Ethereum amount is adverse a lot of hurdles on the upside abreast $170 and $174 levels. There are aerial affairs of addition bead beneath $165. However, it won’t be accessible for the bears to accretion drive beneath the $164 or $162 abutment area.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is boring affective aback into the bearish zone.
Hourly RSI – The RSI for ETH/USD is boring affective higher, but it is still beneath the 50 level.
Major Support Level – $165
Major Resistance Level – $170
