THELOGICALINDIAN - Ethereum amount is trading aloft the 53 abutment adjoin the US Dollar and ETHUSD charge authority it if it has to move added higher
Ethereum Price Trend Line Support
Yesterday, we saw how ETH amount bankrupt the $52.40 attrition adjoin the US Dollar, and moved higher. The upside move remained accurate intraday with beat moves appear $53.00. The amount attempted a breach aloft the 1.236 addendum of the aftermost abatement from the $52.44 aerial to $46.12 low, but failed. It was apparent disturbing to bright the $53.66 attrition area sellers are putting up a fight. So, it looks like it won’t be accessible for the beasts to breach $53.60-70 for added gains.
On the downside, there is now a new concise bullish trend band with abutment at $53.10 formed on the alternate blueprint of ETH/USD. It is acting as a above barrier and preventing declines beneath $53.00. So, we can say the amount is ashore in a tiny range. Also, yesterday’s accent bullish trend band on the aforementioned blueprint at $51.80 is additionally active. I anticipate there is a adventitious of the amount testing the 38.2% Fib retracement akin of the aftermost beachcomber from the $50.60 low to $53.66 high.
And, if there is a able abutting beneath the trend line, the $52.40 abutment may be tested. It additionally coincides with the 61.8% Fib retracement akin of the aftermost beachcomber from the $50.60 low to $53.66 high.
Hourly MACD – The MACD is hardly affective lower in the bullish zone.
Hourly RSI – The RSI is about the 51 level, and branch lower.
Major Support Level – $53.00
Major Resistance Level – $53.66
Charts address – SimpleFX
