THELOGICALINDIAN - Key Highlights
Ethereum amount is trading in a ambit against the US Dollar and Bitcoin. ETH/USD could barter college appear the $192-194 attrition breadth in the abreast term.
Ethereum Price Analysis
This accomplished week, we saw a major decline from the $223 beat aerial in ETH amount adjoin the US Dollar. The ETH/USD brace fell beneath the $212, $200, $196 and $180 abutment levels. The amount traded abutting to the $165 akin and formed a account low. Later, the amount started a abbreviate appellation accretion and confused aloft the $170 resistance. However, the amount struggled to breach the $178-179 resistance. It represents the 23.6% Fib retracement akin of the aftermost bead from the $223 aerial to $165 low.
It seems like the amount may consolidate in the abbreviate appellation aloft the $165 level. Later, it could beat the $178-179 attrition to extend the recovery. However, there is a above attrition cat-and-mouse on the upside abreast the $192-194 zone. Moreover, there is a above bearish trend band in abode with attrition at $193 on the 4-hours blueprint of ETH/USD. The trend band coincides with the 50% Fib retracement akin of the aftermost bead from the $223 aerial to $165 low. Besides, the 100 simple affective average on the aforementioned blueprint is additionally abreast $194-195.
The aloft chart indicates that ETH amount is acceptable advancing for an continued alteration aloft $179. However, upsides will best acceptable face sellers abreast $194. Finally, the amount could abatement already afresh appear $170 and $165.
4-hours MACD – The MACD is hardly placed in the bullish zone.
4-hours RSI – The RSI is currently affective college appear the 50 level.
Major Support Level – $165
Major Resistance Level – $194
