THELOGICALINDIAN - Ethereum amount afterwards a monster abatement started a accretion adjoin the US Dollar but it looks like it wont be accessible for ETHUSD to move higher
Ethereum Price Resistance
We saw a aciculate dip in Ethereum amount bygone adjoin the US Dollar, but somehow the buyers after managed to authority the downside. I accent a bullish trend band formed on the alternate blueprint (data augment via SimpleFX) of ETH/USD yesterday. It connected to act as a abutment breadth and pushed the brace higher. The brace alike confused already aloft the 23.6% Fib retracement akin of the aftermost leg from the $12.75 aerial to $11.74 low.
However, there are a brace of hurdles on the upside for the pair, which are attention a recovery. First, the 100 alternate simple affective boilerplate is acting as a barrier. Second, there is a bearish trend band formed on the alternate chart. Third, the 38.2% Fib retracement akin of the aftermost leg from the $12.75 aerial to $11.74 low is acting as a resistance. Considering all these barriers, the ETH buyers are adverse a lot of offers, and they are declining to booty the amount above the $12.00 handle.
However, as continued as the abutment trend band on the downside is intact, there are aerial affairs of the brace attempting addition upside break.
Hourly MACD – The MACD is currently attempting to move from the bearish to bullish zone.
Hourly RSI – The RSI is additionally attempting to move aloft the 50 level, which is a absolute sign.
Major Support Level – $11.80
Major Resistance Level – $12.10
Charts address – SimpleFX
