THELOGICALINDIAN - Ethereum amount is assuming signs of weakness adjoin the US Dollar and bitcoin ETH amount is acceptable to breach the 200 abutment if it continues to attempt abreast 225
Ethereum Price Weekly Analysis
This accomplished week, there was a abbreviate appellation accretion in bitcoin and Ethereum adjoin the US Dollar. The ETH/USD brace formed a appropriate abutment abject abreast the $200 akin and after started an upside correction. It traded aloft the $210 and $215 attrition levels. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $279 aerial to $191 low.
Additionally, there was a breach aloft a aloft bearish trend band with attrition abreast $212 on the 4-hours blueprint of ETH/USD. The brace alike traded aloft the $220 level, but it remained able-bodied beneath the 100 simple affective boilerplate (4-hours). It seems like the $225 akin acted as a able attrition and prevented added gains. There were two rejections acclaimed abreast the $225 akin afore the amount beneath beneath $220.
Moreover, the amount remained able-bodied beneath the 50% Fib retracement akin of the bottomward move from the $279 aerial to $191 low. On the upside, it seems like there are a few important resistances basic abreast $225, $230 and $235. The 100 simple affective boilerplate (4-hours) is abreast the $230 akin to act as able hurdle for the bulls. Therefore, a abutting aloft the 100 simple affective boilerplate (4-hours) and $235 is bare for an advancement move.
On the downside, the capital abutment is abreast the $200 level. If there is a downside breach beneath the $200 support, the amount could breach the aftermost beat low abreast $191 and advance losses in the advancing sessions.
The aloft chart indicates that Ethereum amount is adverse an acclivous assignment abreast the $225 and $230 levels. Until there is a abutting aloft the $235 barrier, there is a accident of added downsides beneath $200. The abutting key supports are abreast $191 and $184.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is currently placed heavily in the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently abreast the 40 level, with a accessory bullish angle.
Major Support Level – $200
Major Resistance Level – $230
