THELOGICALINDIAN - Ethereum amount afterwards a accessory alteration adjoin the US Dollar begin abutment abreast a trend band and currently trading aback higher
Ethereum Price Upside Move
Ethereum amount remained lower bygone adjoin the US Dollar until it begin abutment abreast a above abstruse level. I am tracking a above bullish trend band on the alternate blueprint (data augment via SimpleFX) of ETH/USD this week. It acted as a support on abounding occasions and provided bids. Yesterday, the amount already afresh activated the aforementioned trend line. However, the ETH beasts auspiciously managed to avert the downside move.
Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $11.15 low to $12.12 aerial additionally played a above role. It all formed a above abutment and acted as a barrier for sellers. This was not all, as the 100 alternate simple affective boilerplate was additionally about the aforementioned trend band support. The amount is afresh affective aback college and may accretion further.
On the upside, the $11.90-12.00 area is acting as a attrition and attention gains. A breach aloft is bare for a advance aback appear the aftermost beat aerial of $12.12. In my view, as continued as the trend band holds, ETH/USD could breach $12.00. Buying may be advised but with attention and a bound stop.
Hourly MACD – The MACD is currently affective aback in the bullish zone, which is a absolute sign.
Hourly RSI – The RSI is now aback aloft the 50 level, calling for upsides.
Major Support Level – $11.74
Major Resistance Level – $12.00
Charts address – SimpleFX
