THELOGICALINDIAN - Ethereum amount confused aloft a aloft attrition breadth intraday Buying dips may be a acceptable advantage in the abbreviate appellation as continued as it is aloft 1050
Ethereum Price – Buy Near 100 SMA
Yesterday, I declared that if Ethereum amount manages to abutting aloft the 100 simple affective average (hourly, abstracts augment via Kraken), again we can accede a buy trade. The abstraction formed perfectly, as there was a breach and abutting aloft the declared MA and there was a nice upside move. The amount traded as aerial as $12.00, area it begin sellers and affective advanced may actual a few credibility in the abreast term.
The best important point is the actuality that the amount additionally broke a bearish trend line formed on the alternate blueprint (data augment via Kraken), as accent in yesterday’s post. Now what? We may delay for the amount to actual lower in the abbreviate appellation appear the 38.2% Fib retracement akin of the aftermost leg from the $8.00 low to $12.00 high.
The $10.50 abutment breadth holds a lot of accent as the declared Fib retracement akin and the 100 SMA is positioned abreast it. So, there may be solid affairs absorption about $10.50, and we ability accede buying.
Hourly MACD – The MACD is branch appear the bearish area, calling for a accessory correction.
Hourly RSI – The RSI is about the overbought levels, afresh suggesting a accessory correction.
Intraday Support Level – $10.50
Intraday Resistance Level – $12.00
Charts address of Kraken via Trading View
