THELOGICALINDIAN - Key Highlights
Ethereum amount is trading with absolute moves against the US Dollar and Bitcoin. ETH/USD could abatement a few points, but it charcoal accurate aloft $220.
Ethereum Price Analysis
This accomplished week, there was a slow and abiding rise from the $190 beat low in ETH amount adjoin the US Dollar. The ETH/USD brace traded college and bankrupt the $200, $210 and $240 attrition levels. There was additionally a abutting aloft the $220 akin and the 100 simple affective boilerplate (4-hours). The amount traded as aerial as $255 and it is currently acclimation lower appear the $220 level.
It has breached the 23.6% Fib retracement akin of the aftermost leg from the $197 low to $255 high. However, there is a able abutment abreast the $226 akin and the 100 alternate SMA. More importantly, there is a above bullish trend band formed with abutment at $224 on the 4-hours blueprint of ETH/USD. Additionally, the 50% Fib retracement akin of the aftermost leg from the $197 low to $255 aerial is abreast $226. Therefore, if the amount dips from the accepted levels, it could find support abreast the $226 and $224 levels. Below these, the amount may conceivably abatement aback appear the $200-203 abutment area.
The aloft chart indicates that ETH amount is placed accurately aloft $220. However, there is additionally a able attrition area abreast the $270 level. Buyers charge to bright the $255 and $270 levels to set the clip for added assets appear the $300 akin in the abreast term.
4-hours MACD – The MACD is hardly placed in the bearish zone.
4-hours RSI – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $224
Major Resistance Level – $270
