THELOGICALINDIAN - Ethereum amount is award it actual boxy to breach a bearish trend band on the alternate blueprint Let us see whether ETH can accomplish in breaking it or not
Ethereum Price Trend Line Resistance
Ethereum amount ETH remained beneath a monster attrition breadth adjoin the US Dollar, as the buyers bootless to booty it higher. This anniversary I accept been tracking a above bearish trend line on the alternate blueprint (data augment via Kraken) of ETH/USD, and was attractive for the abutting move. However, the trend band attrition did not appetite to accord up as easily, as every time the amount moves college it faces sellers.
Another agency advancing into comedy is the 100 alternate simple affective average, which is positioned aloof about the aforementioned trend line. So, there are two resistances accumulated and calm acting as a above barrier for the ETH/USD pair. Moreover, the 50% Fib retracement akin of the aftermost bead from the $14.29 aerial to $11.15 low is now accumbent with the 100 alternate SMA, giving more affidavit to sellers to anticipate the upside move.
I think, the amount may dip a few credibility from the accepted levels afore it can attack to breach the accent attrition area.
Hourly MACD – The MACD is currently flat, suggesting a accessory accumulation beneath way afore the abutting move.
Hourly RSI – The RSI has aloof confused beneath the 50 level, which is a bearish assurance in my view.
Major Support Level – $12.20
Major Resistance Level – $12.80
Charts address – SimpleFX
