THELOGICALINDIAN - Ethereum amount remained able-bodied accurate adjoin the US Dollar and Bitcoin and the contempo move suggests added assets in ETHUSD in the abreast term
Ethereum Price Upside Move
Yesterday, we saw an upside move in ETH price, as it confused aloft the $49.50 attrition adjoin the US Dollar. The upside move was positive, as the amount was able to accretion backbone and move higher. There was a breach aloft the all-important $50.00 handle as well. It opened the doors for added gains, as the amount was able to barter aloft $52.00. The amount is now trading aloft the $52.00 akin and afresh traded as aerial as $52.42.
The best allotment was a breach aloft the 1.236 addendum of the aftermost abatement from the $50.99 aerial to $47.10 low. At the moment, the amount is attractive to actual lower. An antecedent abutment is about the 23.6% Fib retracement akin of the aftermost beachcomber from the $47.10 low to $52.42 high. There is additionally a new abutting bullish trend band with abutment at $49.80 formed on the alternate blueprint of ETH/USD. The trend band abutment holds a lot of importance about $50.00.
It additionally coincides with the 50% Fib retracement akin of the aftermost beachcomber from the $47.10 low to $52.42 high. So, if the amount corrects lower, it may acquisition buyers abreast $51.50 or $50.50 for addition upside move.
Hourly MACD – The MACD is currently affective accurately in the bullish zone.
Hourly RSI – The RSI is in the overbought levels, and may move bottomward a few points.
Major Support Level – $51.50
Major Resistance Level – $52.40
Charts address – SimpleFX
