THELOGICALINDIAN - Ethereum amount beneath acutely beneath key supports adjoin the US Dollar and bitcoin ETH acclimatized beneath 136 and the 100 alternate SMA which is a shortterm bearish sign
Ethereum Price Analysis
There was addition attack by ETH amount to ascend aloft the $139-140 attrition area adjoin the US Dollar. The ETH/USD brace bootless to beat the $140 attrition and after started a downside move. There were ambit moves aloft $138 afore sellers took allegation and pushed the amount beneath $136 and the 100 alternate simple affective average. There was a breach beneath a abutting bullish trend band at $138 on the alternate chart, aperture the doors for added losses.
As a result, there was a aciculate abatement and the amount confused beneath the $134 abutment level. The amount traded appear the $132 abutment and acclimatized beneath the 100 alternate simple affective average. Recently, it adapted college aloft the $133 akin and the 23.6% Fib retracement akin of the aftermost bead from the $140 beat aerial to $132 low. Buyers alike pushed the amount aloft the $134 level, but upsides were capped by the $136 resistance. Besides, the 50% Fib retracement akin of the aftermost bead from the $140 beat aerial to $132 low acted as a resistance.
It seems like the antecedent abutment breadth abreast $136 is acting as a solid resistance. Therefore, the amount may consolidate in the abbreviate appellation afore it makes addition attack to bright the $136 level. On the upside, the abutting attrition is abreast $137 and the 100 alternate SMA. Moreover, there is a new abutting bearish trend band is basic with attrition at $139 on the alternate blueprint of ETH/USD.
Looking at the chart, ETH amount acutely confused into a bearish area beneath the $136 abutment and the 100 alternate SMA. If buyers attempt to advance the amount aback aloft the $136 and $137 levels, there is a accident of added downsides. An antecedent abutment is abreast $134, beneath which the amount may revisit the $132 beat low.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD beneath beneath the 50 akin and it is currently beneath the 40 level.
Major Support Level – $132
Major Resistance Level – $137
