THELOGICALINDIAN - Key Highlights
Ethereum amount beneath acutely adjoin the US Dollar and Bitcoin. ETH/USD is currently trading able-bodied beneath $490, and it could alike breach the $466 low.
Ethereum Price Decline
There were further downsides in ETH amount from able-bodied aloft $520 adjoin the US Dollar. The amount beneath and bankrupt a acute abutment at $508-512. It opened the doors for added losses and the amount fell beneath the $500, $490 and $480 levels. A low was formed at $466 afore the amount started an upside correction. It confused college and adapted aloft the 23.6% Fib retracement akin of the aftermost bead from the $535 aerial to $466 low.
However, the upside move was capped by the $490-495 attrition zone. Moreover, the 38.2% Fib retracement akin of the aftermost bead from the $535 aerial to $466 low additionally acted as a resistance. At the moment, the amount is affective lower and it charcoal at a accident of added losses beneath $466. On the upside, yesterday’s accent acute bearish trend band with accepted attrition at $512 is complete on the alternate blueprint of ETH/USD. Moreover, the broken support at $508-512 is acceptable to act as a able resistance.
Lastly, the 100 alternate simple affective boilerplate is positioned at $508. On the downside, a breach beneath the $466 low could accessible the doors for added losses. The abutting above abutment sits at $445-450, which charge accommodate declines in the abreast term.
Hourly MACD – The MACD is assuming no signs of a above recovery.
Hourly RSI – The RSI is currently able-bodied beneath the 40 level.
Major Support Level – $466
Major Resistance Level – $508
Charts address – Trading View
