THELOGICALINDIAN - Key Highlights
Ethereum amount beneath essentially adjoin the US Dollar and Bitcoin. ETH/USD may abide to abatement and it could alike analysis the $600 level.
Ethereum Price Bearish Bias
There was no relief for buyers back ETH amount bootless to move aloft the $800 akin adjoin the US Dollar. The amount started a beginning downside beachcomber and confused beneath the $750 and $720 abutment levels. The abatement was such that the amount alike bankrupt the $680 abutment level. It seems like the amount is beneath a lot of bearish burden and it may alike breach the $650 support.
The contempo low formed was at $657 and it looks like the brace may alike not actual in the abbreviate term. An antecedent attrition is about the 23.6% Fib retracement akin of the aftermost bead from the $783 aerial to $657 low. There is additionally a above abutting bearish trend band basic with attrition at $720 on the alternate blueprint of ETH/USD. The aforementioned trend band attrition is abreast the 50% Fib retracement akin of the aftermost bead from the $783 aerial to $657 low. Therefore, the $720 akin is a above attrition for a recovery in the abreast term. Above $720, the amount may retest the $750 level.
On the downside, the contempo low of $657 is a abbreviate appellation support. Below $657, the amount could alike breach the $650 akin and barter appear the $600 handle.
Hourly MACD – The MACD is acquisition clip rapidly in the bearish zone.
Hourly RSI – The RSI is abreast the abundant oversold levels with no assurance of a recovery.
Major Support Level – $650
Major Resistance Level – $720
Charts address – SimpleFX
