THELOGICALINDIAN - Key Highlights
Ethereum amount is accumulation contempo losses against the US Dollar and Bitcoin. ETH/USD may conceivably ascend college aloft $220 if it stays aloft the $206 support.
Ethereum Price Analysis
This accomplished week, we saw a solid bullish wave aloft the $202 and $210 resistances in ETH amount adjoin the US Dollar. The ETH/USD brace acquired clip aloft the $220 akin and acclimatized aloft the 100 simple affective boilerplate (4-hours). The brace traded as aerial as $223 and after started a downside correction. It beneath beneath the $220 and $210 abutment levels, but buyers appeared abreast the $206 support.
More importantly, there is a key bullish trend band in abode with abutment at $208 on the 4-hours blueprint of ETH/USD. The trend band support, $206, and the 100 simple affective boilerplate (4-hours) are actual important. The amount is currently consolidating aloft $206 and it afresh confused aloft the $210 resistance. There was a breach aloft the 23.6% Fib retracement akin of the contempo bead from the $223 aerial to $206 low. Additionally, there was a advance aloft the 23.6% Fib retracement akin of the contempo abatement from the $223 aerial to $206 low. However, buyers struggled to accretion drive aloft the $212-214 resistance.
The aloft chart indicates that ETH amount is currently trading accurately aloft the $206 abutment and the 100 SMA. As continued as there is no abutting beneath $206, the amount could animation aback aloft $215 and $220.
4-hours MACD – The MACD is about to move into the bullish zone.
4-hours RSI – The RSI is currently collapsed abreast the 50 level.
Major Support Level – $206
Major Resistance Level – $220
