THELOGICALINDIAN - Ethereum amount is acclimation assets from 225 adjoin the US Dollar while bitcoin is crumbling ETH ability revisit the 200 abutment breadth afore it could alpha a beginning increase
Ethereum Price Weekly Analysis
This accomplished week, there was a solid advancement move in ETH aloft the $185 and $200 attrition levels adjoin the US Dollar. Moreover, there was a abutting aloft the $200 akin and the 100 simple affective boilerplate (4-hours). It opened the doors for added assets and Ether climbed aloft the $210 and $215 attrition levels. Finally, there was a new account aerial was formed abreast $225 afore the amount started a downside correction.
On the added hand, bitcoin amount struggled to breach the $10,400 attrition breadth and it is currently beneath pressure. Ethereum is additionally crumbling and it afresh bankrupt the $215 abutment area. Additionally, there was a breach beneath the 50% Fib retracement akin of the aftermost above advancement move from the $202 low to $225 high. More importantly, there was a breach beneath a above bullish trend band with abutment abreast $216 on the 4-hours blueprint of ETH/USD.
The brace is now trading able-bodied beneath the $210 level. An actual abutment is abreast the $208 level. It coincides with the 76.4% Fib retracement akin of the aftermost above advancement move from the $202 low to $225 high. However, the capital abutment on the downside for Ethereum is abreast the $202 and $200 levels. If there is a downside breach beneath the $202 level, the amount could abide to abatement appear the $185 support.
On the upside, an actual attrition is abreast the $215 level. If there is an upside breach aloft the $215 level, the amount could revisit the $225 high. Any added assets ability advance the amount appear the $240 level.
The aloft chart indicates that Ethereum amount is currently acclimation assets from the $225 high. However it is acceptable to acquisition able bids abreast $202 and $200. Once the accepted alteration is complete abreast $200, the amount could animation back.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is boring accepting drive in the bearish zone.
4 hours RSI – The RSI for ETH/USD is currently crumbling and is beneath the 50 level.
Major Support Level – $202
Major Resistance Level – $215
