THELOGICALINDIAN - Ethereum amount fell acutely beforehand today adjoin the US Dollar and the ETHUSD brace bankrupt a above abutment trend band at 4990
Ethereum Price Bearish or Correction?
Yesterday, we saw a nice bullish wave in ETH amount appear $52 adjoin the US Dollar. The amount traded as aerial as $52.40 area it faced attrition and started trading lower. Later, the downside move was accelerated, as the amount bankrupt down, and surpassed the $49 support. It additionally bankrupt the 61.8% Fib retracement akin of the aftermost beachcomber from the $47.10 low to $52.42 high. Moreover, it austere yesterday’s accent abutting bullish trend band with abutment at $49.90 on the alternate chart.
It opened the doors for added losses, as the amount traded appear the aftermost low of $47.10. It aloof managed to authority the $47.40, and started affective aback higher. It recovered aloft the 23.6% Fib retracement akin of the aftermost abatement from the $52.40 aerial to $47.40 low. However, the upside accretion bootless abreast the burst trend band about $50.00. Also, the 100 hourly simple affective average forth with the 61.8% Fib retracement akin of the aftermost abatement from the $52.40 aerial to $47.40 low acted as a resistance.
The amount is acutely disturbing to bright the 100 alternate simple affective boilerplate and $50. So, there is a adventitious of it affective bottomward already afresh appear the $48 akin in the abreast term.
Hourly MACD – The MACD is extending moves in the bearish zone.
Hourly RSI – The RSI is in the bearish zone, and disturbing to move higher.
Major Support Level – $48.00
Major Resistance Level – $50.50
Charts address – SimpleFX
