THELOGICALINDIAN - Ethereum amount acquired abundant bids during the accomplished few hours and traded aloft the 720 attrition More assets are accessible in ETHUSD activity forward
Ethereum Price Rise
I accent an important resistance breadth in ETH amount adjoin the US Dollar abreast $7.20. There was additionally a able abutment at $6.90-7.00. The amount bootless to go through the declared abutment area, and acquired abundant bids. As a result, there was an upside move. During the rise, the ETH/USD brace bankrupt a brace of important resistances. First, the 50% Fib retracement akin of the aftermost abatement from the $7.19 aerial to $6.87 low was cleared.
Second, the 100 alternate simple affective average. Third, yesterday’s accent accessory bearish trend band on the alternate blueprint (data augment via SimpleFX) of ETH/USD was broken. Lastly, the amount confused aloft the $7.20 and $7.60 attrition levels. Overall, the trend is positive, as the amount traded as aerial as $8.00. The amount is currently acclimation lower, and about to access the 23.6% Fib retracement akin of the aftermost beachcomber from the $6.87 low to $8.003 high.
No doubt, the amount is now in the absolute area and positioned for added gains. One may now accede affairs dips in the abbreviate term, as the amount is bullish. However, we charge not to get too advancing at the moment, as there is a accident of a pullback afore there can be added gains.
Hourly MACD – The MACD is now acerb in the bullish slope.
Hourly RSI – The RSI is in the overbought levels, calling for a correction.
Major Support Level – $7.70
Major Resistance Level – $8.00
Charts address – SimpleFX
