THELOGICALINDIAN - Ethereum amount is disturbing to accretion bullish drive against the US Dollar and Bitcoin ETHUSD could extend losses if it continues to barter beneath the 139140 attrition area
Ethereum Price Analysis
This accomplished week, there were abounding attempts by ETH amount to breach the $139-140 resistance adjoin the US Dollar. The ETH/USD brace bootless to bright the $140 attrition and started trading in a range. However, best moves were bearish and the amount beneath beneath the $134 and $130 abutment levels. A new account low was formed at $127 and after the amount recovered aloft the $130 level. There was alike a breach aloft the $135 akin and the 100 simple affective boilerplate (4-hours).
Buyers pushed the amount aloft the 23.6% Fib retracement akin of the aftermost abatement from the $166 aerial to $127 low. However, the upside bootless abreast the $137-138 zone. Later, the amount biconcave beneath the $135 akin and the 100 simple affective average (4-hours). At the moment, there is a key application triangle in abode with attrition at $136 on the 4-hours blueprint of ETH/USD. The brace could fasten aloft the triangle attrition and revisit the $140 attrition area. Aloft $140, the abutting key attrition is abreast the $146 level. It represents the 50% Fib retracement akin of the aftermost abatement from the $166 aerial to $127 low.
Having said that, a breach aloft the $139 and $140 attrition levels won’t be easy. If there is a downside break, the amount could abatement beneath the aftermost beat low at $127. The capital abutment beneath $127 is abreast the $125 level, which acted as a solid attrition earlier. Beneath $125, the amount could accelerate appear the $114 beat low in the abreast term.
The aloft chart indicates that ETH amount is accumulation in a ample ambit beneath the $140 resistance. In the abbreviate term, there could be beat moves, but it seems like the amount could revisit the $125 abutment level.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is boring accepting clip in the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently affective college appear the 50 level, with a absolute angle.
Major Support Level – $125
Major Resistance Level – $139
