THELOGICALINDIAN - Ethereum amount remained beneath a above attrition trend band adjoin the US Dollar and it looks like ETHUSD may abide to face sellers on the upside
Ethereum Price hurdle
I accept been tracking a monster bearish trend line on the alternate blueprint (data augment via SimpleFX) of ETH/USD. It acted as a attrition on abounding occasions, and the contempo failures were additionally about the aforementioned trend line. Yesterday, the amount traded appear the 50% Fib retracement akin of the abatement from the $10.63 aerial to $9.44 low, but bootless to accretion traction.
The aforementioned trend band forth with the declared fib akin acted as a hurdle for the ETH buyers and prevented an upside move. The amount afresh bootless abreast the trend band and confused beneath the 50% Fib retracement akin of the beachcomber from the $9.44 low to $10.23 high. So, there is a aerial accident of the ETH trading added lower. The abutting abutment on the downside is about the 76.4% Fib retracement akin of $9.44 to $10.23. It can be acutely apparent from the archive that the amount is beneath pressure, and how the trend band holds the key.
If the ETH buyers charge to alpha a recovery, they charge to bright the accent resistance. Otherwise, the amount may abide to abatement and the abutting stop could be $9.40.
Hourly MACD – The MACD is aback in the bearish zone.
Hourly RSI – The RSI is attempting to balance from the oversold area, but charcoal beneath the aloof level.
Major Support Level – $9.63
Major Resistance Level – $9.90
Charts address – SimpleFX
