THELOGICALINDIAN - Key Highlights
Ethereum amount is beneath burden adjoin the US Dollar and Bitcoin. ETH/USD charcoal at a accident of added losses beneath the $508 akin if it fails to move aloft $530.
Ethereum Price Upside Hurdle
There was no aloft upside recovery aloft $540 in ETH amount adjoin the US Dollar. The amount beneath and confused beneath the $530 and $525 abutment levels. It is now trading able-bodied beneath the $540 akin and the 100 alternate simple affective average. The downside burden was such that the amount formed abounding bearish structures beneath $540. However, the amount is still captivation the $500 abutment zone.
There are two important abutment levels on the downside at $508 and $513. On the upside, an antecedent attrition is about the 23.6% Fib retracement akin of the aftermost abatement from the $590 aerial to $506 low. Moreover, there is additionally a acute bearish trend band basic with attrition at $530 on the alternate blueprint of ETH/USD. The aforementioned trend band attrition is abreast the 100 alternate SMA and the mentioned Fib level. Above the $530 resistance, the abutting hurdle is about the 50% Fib retracement akin of the aftermost abatement from the $590 aerial to $506 low at $548.
Only a abutting aloft the $548-550 area could advance the amount aback in the bullish zone. On the downside, a breach beneath the $508 support and abutting beneath $500 may alarm for added losses.
Hourly MACD – The MACD is now placed accurately in the bearish zone.
Hourly RSI – The RSI is currently beneath the 50 level.
Major Support Level – $508
Major Resistance Level – $530
Charts address – Trading View
