THELOGICALINDIAN - Ethereum amount bounced acutely during the weekend adjoin the US Dollar as ETH buyers stepped in to advance the amount higher
Ethereum Price Upside Move
Ethereum amount traded appear the $13.00 handle afresh adjoin the US Dollar, but it found sellers and traded lower. There was a aciculate decline, but the downside chock-full abreast a nice bullish trend band formed on the alternate blueprint (data augment via SimpleFX) of ETH/USD. The amount is now aback in the bullish zone. It confused aloft the 38.2% Fib retracement akin of the aftermost bead from the $12.91 aerial to $12.02 low.
However, the amount is currently disturbing to breach a accessory bearish trend band formed on the aforementioned chart. Moreover, there is additionally no alternate abutting aloft the 61.8% Fib retracement akin of the aftermost bead from the $12.91 aerial to $12.02 low. So, there is a adventitious of a accessory dip afore the amount may arch college again. The contempo upside billow says a lot, and suggests that the amount is in an uptrend.
On the upside, the $13.00 handle may be activated again. However, it won’t be an accessible ride for the bulls. If the beasts abide to hunt the bazaar back its uptrend, again may fail. On the downside, the $12.40 akin is a acceptable abutment forming, which may accommodate bids.
Hourly MACD – The MACD is now in the bearish zone, but may change abruptness soon.
Hourly RSI – The RSI is disturbing to move aback aloft the 50 level, which is a slight abrogating sign.
Major Support Level – $12.40.
Major Resistance Level – $13.00
Charts address – SimpleFX
