THELOGICALINDIAN - Key Highlights
Ethereum amount fabricated a abbreviate appellation top adjoin the US Dollar and Bitcoin. ETH/USD is now trading able-bodied beneath $1180 and it may abide to abatement further.
Ethereum Price Resistance
After a decent upside move aloft $1220, ETH amount begin attrition adjoin the US Dollar. The amount formed a concise top at $1229 and it after started a downside move. There was a breach beneath 23.6% Fib retracement akin of the aftermost leg up from the $1079 low to $1230 beat high. The downside move acquired clip and the amount was able to move beneath the $1180 abutment area.
More importantly, there was a breach beneath a above bullish trend band with abutment at $1162 on the alternate blueprint of ETH/USD. The brace beneath added and traded beneath the 50% Fib retracement akin of the aftermost leg up from the $1079 low to $1230 beat high. This agency the amount is now aback in the bearish area beneath $1153. At the moment, the amount is trading abreast a above abutment at $1120 and the 100 alternate simple affective average. Moreover, the 76.4% Fib retracement akin of the aftermost leg up from the $1079 low to $1230 beat aerial is at $1113.
Therefore, the amount has to break aloft the $1110-1120 support. If it fails to authority $1110, it could abatement aback appear the $1050 level.
Hourly MACD – The MACD is accepting drive in the bearish zone.
Hourly RSI – The RSI is now able-bodied beneath the 50 akin and is branch lower.
Major Support Level – $1110
Major Resistance Level – $1155
Charts address – SimpleFX
