THELOGICALINDIAN - Ethereum amount was a absolute advertise intraday as forecasted It looks like there is a allowance for addition downside move if all goes well
Ethereum Price – $12.50 as Resistance
Ethereum amount was accumbent for a concise downside move, as forecasted in yesterday’s post. I forecasted selling abreast a above attrition area, which was formed abreast a bearish trend band on the alternate blueprint (data augment via Kraken). The trend band attrition breadth acted as a absolute barrier and pushed the amount bottomward to hit all our advertise targets.
Now what? I anticipate the amount has started to feel affairs burden and the beasts charge to be alert in the abreast term. There is addition bearish trend band formed on the aforementioned chart, and it looks like it may be the abutting hurdle for the beasts and a advertise breadth for the bears. As continued as the amount is beneath the 100 simple affective average (hourly, abstracts augment via Kraken), it is may abide beneath a bearish pressure.
Moreover, on the upside the 50% Fib retracement akin of the aftermost move bottomward from the $13.70 aerial to $10.20 low ability additionally be apparent as a attrition area. On the downside, an antecedent abutment can be at $10.00, followed by the $9.40-30 breadth in the abreast term.
Hourly MACD – The MACD is about to change the abruptness to bearish, suggesting addition downside move.
Hourly RSI – The RSI is additionally beneath the 50 level, which is a abrogating assurance for the bulls.
Intraday Support Level – $10.00
Intraday Resistance Level – $12.50
Charts address of Kraken via Trading View
