THELOGICALINDIAN - Key Highlights
Ethereum amount is beneath abundant affairs burden adjoin the US Dollar and Bitcoin. ETH/USD charcoal at a accident of added losses appear $520 and $500.
Ethereum Price Trend
There was a new bearish trend accomplished from able-bodied aloft $700 in ETH amount adjoin the US Dollar. The amount beneath heavily and bankrupt a few important abutment levels such as $680, $650 and $620. It alike confused beneath the $600 akin and traded appear $550. The affliction allotment is the actuality that the amount is now trading able-bodied beneath the $600 akin and the 100 alternate simple affective average.
The downside move was accomplished afterwards a breach beneath a above bullish trend band with abutment at $685 on the alternate blueprint of ETH/USD. The brace traded as low as $569 afresh and it may abide to accelerate in the abreast term. An antecedent attrition on the upside is about the 23.6% Fib retracement akin of the aftermost bead from the $703 aerial to $569 low. However, the most important resistance is abreast $635-650. The mentioned area is abreast the 50% Fib retracement akin of the aftermost bead from the $703 aerial to $569 low.
Any added assets could be bound and the amount may face sellers abreast $650. On the downside, the amount may breach the contempo low of $569. Once there is a breach beneath $569, the amount could arch appear the $550 and $540 levels.
Hourly MACD – The MACD is placed heavily in the bearish zone.
Hourly RSI – The RSI is currently in the oversold region.
Major Support Level – $550
Major Resistance Level – $650
Charts address – Trading View
