THELOGICALINDIAN - Ethereum amount confused beneath the 100 SMA but backward aloft a abutment trend band Can it balance or breach the abutment to move down
Ethereum Price Trend Line Support
Ethereum amount ETH this accomplished anniversary managed to annals a aerial aloft the $11.00 akin vs the US dollar, and again started to move down. The downside move was sharp, as the amount acclimatized beneath the 100 alternate simple affective average. However, afterwards the break, the ETH/USD found support abreast a bullish trend band formed on the alternate blueprint (data augment via Kraken).
Currently, it looks like the ETH beasts are award it adamantine to authority the trend band abutment area. If sellers accomplish in breaking it, again a move appear the $9.50 akin is possible. On the upside, an initial resistance is about the 38.2% Fib retracement akin of the aftermost bead from the $11.09 aerial to $9.74 low. The declared akin holds a lot of importance, as the 100 alternate SMA is positioned abreast it.
All in all, there is a monster attrition breadth at $10.25, and as continued as the amount is beneath it, there are affairs of ETH breaking the trend band abutment area. One may accede affairs with a stop aloft the $10.25 level.
Hourly MACD – The MACD is in the bearish slope, which is a abrogating sign.
Hourly RSI – The RSI is beneath the 50 level, calling for added losses in the abbreviate term.
Intraday Support Level – $9.90
Intraday Resistance Level – $10.25
Charts address of Kraken via Trading View
Image via NewsBTC
