THELOGICALINDIAN - Ethereum amount is trading aloof beneath a monster attrition at 5380 adjoin the US Dollar and ETHUSD may be ambience up for a break
Ethereum Price Resistance
It looks like ETH amount is consolidating big beneath a above attrition breadth at $53.60-80 adjoin the US Dollar. We charge to see how continued it can consolidate afore the abutting move. On the downside, there are abounding abutment levels, starting with $53.50. However, an antecedent abutment is about the 23.6% Fib retracement akin of the aftermost beachcomber from the $50.60 low to $53.79 high. It may accommodate bids, and authority the downside move appear $53.00.
If the amount break the declared fib level, there is a abutting bullish trend band formed with abutment at $52.90 formed on the alternate blueprint ETH/USD. It may authority losses and anticipate added declines beneath $52.90. The aforementioned area is aloof aloft the 38.2% Fib retracement akin of the last beachcomber from the $50.60 low to $53.79 high. So, there are abounding abutment levels, but at the aforementioned time $53.60-80 attrition is crucial.
There accept been abounding failures already in the brace about $53.60-80. So, it looks like a breach appear $54-55 is not accessible for ETH/USD. We may abide to see some beat moves aloft $53.00, but eventually or later, the amount has to break.
Hourly MACD – The MACD is in the bullish zone, but accident momentum.
Hourly RSI – The RSI is aloof aloft the 51 level, but affective south.
Major Support Level – $52.90
Major Resistance Level – $53.80
Charts address – SimpleFX
