THELOGICALINDIAN - Key Highlights
Ethereum amount is captivation assets adjoin the US Dollar and Bitcoin. ETH/USD is currently aloft $500 and is eyeing an upside breach in the abreast term.
Ethereum Price Trend
There was a minor downside reaction in ETH amount afterwards it fabricated a new account aerial at $538.34 adjoin the US Dollar. The amount beneath and traded beneath the $525 abutment to analysis the $500 zone. During the decline, there was a breach beneath the 50% Fib retracement akin of the aftermost leg from the $481 low to $538 high. However, the downside move was adequate by the $500 abutment area and the 100 alternate simple affective average.
Moreover, there is additionally an important bullish trend line basic with abutment at $500 on the alternate blueprint of ETH/USD. The trend band abutment at $500 and 100 alternate SMA are able supports on the downside. At the moment, the amount is trading abreast the 23.6% Fib retracement akin of the aftermost abatement from the $538 aerial to $497 low. To admit a beginning upside wave, buyers charge to breach the $515-517 attrition area. The declared $517 akin is the 50% Fib retracement akin of the aftermost abatement from the $538 aerial to $497 low. A acknowledged advance aloft the $517 akin will best acceptable booty the amount appear $540 in the abreast term.
Looking at the chart, there are abounding absolute signs back the amount is captivation the $500 akin and the 100 alternate SMA. A breach beneath 100 alternate SMA may conceivably annoyance the amount appear $480.
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI – The RSI is currently aloof beneath the 50 level.
Major Support Level – $500
Major Resistance Level – $517
