THELOGICALINDIAN - Ethereum amount is currently attempting an upside breach adjoin the US Dollar and convalescent vs bitcoin ETH amount ability acceleration in the abreast appellation alike if BTC continues to slide
Ethereum Price Weekly Analysis
This accomplished week, bitcoin and Ethereum fabricated attempts to ascend aloft $12,000 and $240 appropriately adjoin the US Dollar. However, both bootless to accretion drive and the ETH/USD brace started a aloft decline. The brace acutely bootless to accretion absorption aloft $235 and beneath beneath the $230 support. Moreover, there was a breach beneath a acute abutment breadth abreast the $220 akin and the 100 simple affective boilerplate (4-hours).
Moreover, there was a breach beneath a aloft bullish trend band with abutment abreast $224 on the 4-hours blueprint of ETH/USD. It opened the doors for added losses beneath the $210 abutment level. As a result, Ethereum amount revisited the $200-201 abutment area, area the beasts took a stand. Recently, the amount started an upside alteration aloft the $205 level.
Additionally, there was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $239 aerial to $201 low. However, the amount seems to be disturbing abreast the $214 and $215 levels. Added importantly, there is a aloft bearish trend band basic with attrition abreast $214 on the aforementioned chart. Therefore, an upside breach aloft the $215 akin ability set the clip for added gains.
The abutting key attrition is abreast the $220 akin and the 100 simple affective boilerplate (4-hours). A acknowledged abutting aloft the $220 akin could bright the aisle for a move appear the $240 resistance. Conversely, if the amount fails to ascend aloft $215 or $220, it could accelerate aback appear the $200 support.
The aloft chart indicates that Ethereum amount is trading abreast a key attrition breadth at $214-215. If there is an upside break, the amount could ascend college steadily appear $220 or alike $230. If not, there is a accident of a downside breach beneath the key $200 abutment breadth in the abreast term.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is about to move aback into the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently aloft the 40 level, with a accessory bullish angle.
Major Support Level – $200
Major Resistance Level – $220
