THELOGICALINDIAN - Key Highlights
Ethereum amount is positioned accurately adjoin the US Dollar and Bitcoin. ETH/USD may actual lower, but it charcoal in an uptrend aloft the $490 abutment level.
Ethereum Price Support
The past few sessions were positive for ETH amount aloft the $500 akin adjoin the US Dollar. The amount continued assets and traded aloft the aftermost beat aerial of $533. However, the move was independent and the amount traded as aerial as $537.81. Later, a downside alteration accomplished and the amount beneath beneath $530. It additionally traded beneath the 23.6% Fib retracement akin of the aftermost leg from the $481 low to $537 high.
However, the downside move charcoal bound aback there are abounding supports abreast $500. There is additionally a key bullish trend band basic with abutment at $510 on the alternate blueprint of ETH/USD. Moreover, the 50% Fib retracement akin of the aftermost leg from the $481 low to $537 aerial is additionally abreast $509. Therefore, a breach beneath $509-510 won’t be easy. If sellers accomplish in blame the amount beneath $509, it could barter aback appear the $500 level. The next above support is abutting to the $490 akin and the 100 alternate simple affective average.
Looking at the chart, the accepted amount activity is absolute aloft $490. However, the amount charge accretion absorption aloft the $535-540 attrition area for added gains. Aloft $540 resistance, the affairs are aerial of an upside breach aloft the $550 level.
Hourly MACD – The MACD is currently in the bearish zone.
Hourly RSI – The RSI has confused bottomward acutely beneath the 50 level.
Major Support Level – $490
Major Resistance Level – $540
