THELOGICALINDIAN - Ethereum amount started to actual lower afterwards the contempo upside move ETH to abide affective bottomward or will it recover
Ethereum Price Support
Ethereum amount ETH afterwards trading aloft the $16.00 level bootless to authority assets adjoin the US Dollar and started to move down. The amount alone and bankrupt the 38.2% Fib retracement akin of the aftermost leg from the $10.37 low to $16.08 high, which afire added downsides in ETH.
The amount is currently trading about a bullish trend band formed on the alternate blueprint (data augment via Kraken) of ETH/USD, which is protecting a break. Moreover, the 61.8% Fib retracement akin of the aftermost leg from the $10.37 low to $16.08 aerial is additionally beneath the trend line, which agency there is a adventitious of it award bids abreast the accent abutment area.
Furthermore, the 100 alternate simple affective boilerplate is ancillary with the declared fib level, suggesting that there is a lot of acute levels on the downside. So, if ETH fails to authority the downside, settles beneath the 100 alternate simple affective average, again it may access a lot of bearish burden in the abbreviate term.
I would advance to delay for some time, and see how the amount trades abreast the trend line, and again plan for a trade.
Hourly MACD – The MACD is in the bearish area, calling for added losses in ETH in the abbreviate term.
Hourly RSI – The RSI is beneath the 50 level, which is a bearish assurance at the moment.
Major Support Level – $12.50
Major Resistance Level – $14.00
Charts address of Kraken via Trading View
