Ethereum Price (ETH) Trading Near Make-or-Break Levels

THELOGICALINDIAN - Ethereum amount is assuming absolute signs aloft 195 against the US Dollar while bitcoin is up 5 ETH amount is acceptable to advance college already it settles aloft the 202 attrition area

Ethereum Price Analysis

Yesterday, there was a appropriate accretion accomplished in ETH amount aloft the $190 attrition adjoin the US Dollar. Added importantly, bitcoin amount rallied and climbed aloft the $10,500 and $10,600 attrition levels (as discussed yesterday). It opened the doors for added assets and ETH/USD climbed aloft the $195 and $198 attrition levels. Moreover, there was a breach aloft the $200 attrition and a abutting aloft the 100 alternate simple affective average.

However, Ethereum amount seems to be adverse a able attrition abreast the $202 zone. The amount fabricated a few attempts to accretion backbone aloft $202, but it failed. At the moment, the amount is accumulation abreast $200, with an actual abutment abreast the $198 level. Moreover, the 23.6% Fib retracement akin of the contempo beachcomber from the $184 low to $203 beat aerial ability additionally act as a support.

Additionally, there is a abbreviate appellation ascendance approach basic with abutment abreast $198 on the alternate blueprint of ETH/USD. Below the approach support, the abutting important abutment is abreast the $195 level. The 50% Fib retracement akin of the contempo beachcomber from the $184 low to $203 beat aerial is additionally abreast $194 to act as a support. More importantly, the 100 alternate SMA is at $194 to accommodate abutment if Ethereum dips.

Therefore, the amount could abatement a few points, but dips abide accurate abreast $198, $195 and $192. On the upside, the amount charge accretion drive aloft the $202 and $204 levels. A acknowledged abutting aloft $205 ability pump the amount added college appear the $210 and $215 levels.

Looking at the chart, Ethereum amount is adverse a above attrition abreast the $202 zone. If it continues to struggle, there could be a downside correction. Having said that, the beasts are acceptable to abide alive abreast the $195 and $192 abutment levels. Only a abutting beneath $190 could abate the accepted bullish view.