THELOGICALINDIAN - Ethereum amount bootless to authority the 2024 abutment adjoin the US Dollar accretion the accident of added losses in ETHUSD in the abbreviate term
Ethereum Price Next Leg Lower?
Yesterday, we discussed how ETH amount may be branch lower vs the US Dollar due to a breach beneath $19.50. The amount did barter lower, and managed to breach the $19.05 abutment as well. The best important breach was beneath $18.79, apery the 61.8% Fib retracement akin of the contempo move from the $18.05 low to $19.99 high. It added the bearish pressure, and the amount was apparent trading beneath $18.50.
There was alike a able abutting beneath the 100 simple affective boilerplate at $19.09. These all are abrogating sign. It looks like the amount is set to analysis the contempo low of $18.18. And, if there is an access in the bearish pressure, the amount could alike breach it for a move appear $18.00. On the upside, there is a bearish trend line with attrition at $18.70 formed on the alternate blueprint (ETH/USD, abstracts augment via SimpleFX). It additionally coincides with the 23.6% Fib retracement akin of the aftermost bead from the $20.03 aerial to $18.18 low.
So, if the amount corrects college it may face sellers abreast the trend band attrition at $18.60. Furthermore, the 100 alternate SMA is additionally a hurdle on the upside abreast $19.08 for the ETH buyers.
Hourly MACD – The MACD is now in the bearish zone, suggesting a decline.
Hourly RSI – The RSI is branch lower, and charcoal able-bodied beneath the 50 level.
Major Support Level – $18.00
Major Resistance Level – $19.60
Charts address – SimpleFX
