THELOGICALINDIAN - Key Highlights
Ethereum amount jumped aback adjoin the US Dollar and Bitcoin. ETH/USD now has to breach a above hurdle at $672-674 to accretion upside drive in the abreast term.
Ethereum Price Barrier
After a sharp downside move, ETH amount formed abutment abreast $610 adjoin the US Dollar. The amount started an upside move and recovered aloft the $620 and $640 attrition levels. It additionally succeeded in allowance the 50% Fib retracement akin of the aftermost abatement from the $700 beat aerial to $585 beat low. The upside accretion was absolute as the amount additionally confused aloft the $660 akin and the 100 alternate simple affective average.
However, there is a acute barrier aloof aloft the $670 level. There is additionally a aloft bearish trend band basic with attrition at $674 on the alternate blueprint of ETH/USD. At the moment, the amount is trading abreast the 76.4% Fib retracement akin of the aftermost abatement from the $700 beat aerial to $585 beat low. Thus, a breach aloft the trend band and $674 is bare for more gains in the abreast term. The abutting stop for buyers in the mentioned case may be about the $700 level.
Looking at the chart, the accepted amount activity is absolute aloft the 100 alternate SMA and $660. Having said that, the amount is acutely disturbing to breach the $674 resistance. If it continues to struggle, there could be a downside acknowledgment aback appear the $660 and $640 abutment levels.
Hourly MACD – The MACD is hardly placed in the bullish zone.
Hourly RSI – The RSI is now aback aloft the 50 level.
Major Support Level – $660
Major Resistance Level – $674
