THELOGICALINDIAN - Ethereum amount grinded lower a bit adjoin the US Dollar and it looks like the ETHUSD brace may abide to attempt in the abbreviate term
Ethereum Price Resistance
ETH amount started a downside move afterwards trading as aerial as $11.08 adjoin the US Dollar. Yesterday, I accent a bullish trend band break, which accomplished a downtrend. The amount during the contempo downside move bankrupt the 38.2% Fib retracement akin of the beachcomber from the $10.24 low to $11.08 high. Second, it additionally bankrupt beneath the 100 alternate simple affective average, which agency buyers bootless to authority the losses.
The amount is currently trading aloof aloft the 50% Fib retracement akin of the beachcomber from the $10.24 low to $11.08 high. There is additionally a bottomward approach arrangement formed on the alternate blueprint (data augment via SimpleFX) of ETH/USD. It is boring demography the amount down. Since, the 50% Fib akin is on the downside, there is a adventitious of a accessory acceleration in the abreast term. However, the upside move may acquisition sellers abreast the 100 alternate simple affective average.
Moreover, there is a bearish trend band on the aforementioned chart, which can additionally be advised as a above hurdle. In short, the amount may abide to boring move bottomward in the abbreviate term, but any above losses ability be limited.
Hourly MACD – The MACD is currently in the bearish zone, but slowing attempting to change the bias.
Hourly RSI – The RSI is beneath the 50 level, which is a abrogating assurance for the buyers.
Major Support Level – $10.60
Major Resistance Level – $10.90
Charts address – SimpleFX
