THELOGICALINDIAN - Ethereum amount alteration looks absolute adjoin the US Dollar and Bitcoin and ETHUSD may abide to move up and bottomward appear 300 for some time
Ethereum Price Support
In yesterday’s analysis, we saw a aloft decline in ETH amount beneath $360 adjoin the US Dollar. The amount bankrupt a array of bullish trend curve with supports at $360, $350, $325 and $310. The abatement was such that the amount alike bankrupt the $300 handle and traded appear $260. A new low was formed at $256 from area a accretion was started. The amount confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $389 aerial to $256 low.
However, the upside move charcoal capped by $335-340. There is a bearish trend band with attrition at $338 formed on the alternate blueprint of ETH/USD. It already bootless to breach the 61.8% Fib retracement akin of the aftermost abatement from the $389 aerial to $256 low. Above the bearish trend line, the 100 alternate simple affective boilerplate at $350 is positioned. So, we can say there are abounding resistances on the way up abreast $$330 and $350. Any movement appear $340 may face affairs pressure.
It looks like the amount may abide to actual lower in 2-3 waves. On the downside, the $300 handle and again $360 abutment may comedy a above role in the abreast term.
Hourly MACD – The MACD is now collapsed and signaling alteration pattern.
Hourly RSI – The RSI is affective aloof abreast the 50 level.
Major Support Level – $260
Major Resistance Level – $340
Charts address – SimpleFX
