THELOGICALINDIAN - Key Highlights
Ethereum amount has confused into a bearish area adjoin the US Dollar and Bitcoin. ETH/USD may abide to abatement as continued as it is beneath $490.
Ethereum Price Bearish Trend
It is axis out to be a major black week back ETH amount is now trading able-bodied beneath $500 adjoin the US Dollar. The amount was not able to actual college and remained in a bearish trend beneath $500. It bankrupt abounding supports such as $475, $460 and $450. It is now trading able-bodied beneath the $500 akin and the 100 alternate simple affective average.
The contempo low was at $438.76 from breadth there could be a accessory upside correction. An antecedent attrition is about the 23.6% Fib retracement akin of the aftermost abatement from the $535 aerial to $438 low. Moreover, there is additionally a aloft bearish trend band basic with attrition at $455 on the alternate blueprint of ETH/USD. If there is a breach aloft the $460 attrition zone, the amount may arch appear the $485-490 area. The 50% Fib retracement akin of the aftermost abatement from the $535 aerial to $438 low is additionally positioned abreast $485 to act as a barrier for buyers.
On the downside, the amount may anon breach the contempo low of $438. The abutting abutment could be about the $425 level. However, if ETH sellers abide in activity for a continued time, the amount may alike analysis the $400 akin in the abreast term.
Hourly MACD – The MACD is placed accurately in the bearish zone.
Hourly RSI – The RSI is currently ascent from the 35 level.
Major Support Level – $425
Major Resistance Level – $485
Charts address – Trading View
