THELOGICALINDIAN - Key Highlights
Ethereum amount backward in a absolute area adjoin the US Dollar and Bitcoin. ETH/USD charge move aloft the $524 akin to extend assets in the abreast term.
Ethereum Price Support
Yesterday, we discussed about a few key supports abreast $500 in ETH amount adjoin the US Dollar. The amount confused bottomward afresh and bankrupt the $490 level. However, it seems like it was a apocryphal breach aback the amount confused aback aloft $500. A low was formed at $487 and the amount confused aloft the 50% Fib retracement akin of the aftermost abatement from the $524 aerial to $487 low.
More importantly, yesterday’s accent acute bullish trend band with abutment at $502 is complete on the alternate blueprint of ETH/USD. The brace is currently trading aloft the trend band abutment at $502 and the 100 alternate simple affective average. It seems like the brace is able-bodied accurate aloft the $485-500 zone. On the upside, it is adverse a few key hurdles abreast the $425 level. An antecedent attrition is abreast the 76.4% Fib retracement akin of the aftermost abatement from the $524 aerial to $487 low. However, a breach aloft the contempo aerial at $424 is bare for buyers to accretion ascendancy in the abreast term.
Looking at the chart, it looks like the amount is trading in a ambit aloft $500. Having said that a circadian abutting beneath $500 could be cogent and it could put a lot of burden on buyers.
Hourly MACD – The MACD is currently placed in the bearish zone.
Hourly RSI – The RSI is now able-bodied beneath the 50 akin with a abrogating angle.
Major Support Level – $502
Major Resistance Level – $524
