THELOGICALINDIAN - Ethereum amount billow is absorbing adjoin the US Dollar but the traders charge to be accurate now as there is a adventitious of a correction
Ethereum Price Surge
Ethereum amount continued to impress, as it registered solid assets not alone adjoin the US dollar, but additionally adjoin Bitcoin. There was a move aloft the $14.00 handle, which is a assurance that the amount is an uptrend. My yesterday’s abstraction of affairs ETH formed already again. There was a bullish trend band on the alternate blueprint (data augment via SimpleFX) of ETH/USD, which played able-bodied and acted as a buy zone.
The amount afresh traded as aerial as $14.25, and currently acclimation lower. I anticipate there is a adventitious of an addendum of the accepted alteration mode. The capital acumen for this is because the amount is an overbought region. On the downside, there is a bullish trend line formed on the aforementioned chart. The amount is currently abutting it.
So, there are two scenarios possible. First, the ETH/USD brace finds buyers about the trend band abutment and trades college already again. Second, the brace breach the trend band support. In the additional case, there is a adventitious of a move appear the 50% Fib retracement akin of the aftermost beachcomber from the $12.01 low to $14.25 high.
Hourly MACD – The MACD is mostly in the bullish zone, and not assuming any signs of a above correction.
Hourly RSI – The RSI is set in the overbought readings, cat-and-mouse for the sellers to footfall in.
Major Support Level – $13.80
Major Resistance Level – $14.25
Charts address – SimpleFX
