THELOGICALINDIAN - Ethereum amount is currently trading lower beneath 2024 adjoin the US Dollar and it looks like ETHUSD ability extend the accepted downside move
Ethereum Price Downside Break?
Yesterday, we saw a correction beachcomber appear $19.80-90 in ETH amount vs the US Dollar. The amount traded as aerial as $19.99 area it begin sellers. It additionally managed to breach the 50% Fib retracement akin of the aftermost bead from the $20.54 aerial to $18.05 low. However, it bootless to breach the 76.4% Fib akin of the aforementioned wave. It resulted in a downside move, as the amount bankrupt the $19.50 support.
During the downside move, there were two important breaks. First, a above bullish trend band with abutment at $19.25 on the alternate blueprint (ETH/USD, abstracts augment via SimpleFX) was cleared. Second, the amount acclimatized beneath 100 simple affective boilerplate at $19.20. This agency the amount is now at a accident of a downside move. It already austere the 38.2% Fib retracement akin of the contempo move from the $18.05 low to $19.99 high. If the ETH sellers manage to push the amount beneath $19.00, there can be added declines.
Alternatively, we can say a breach beneath the 61.8% Fib retracement akin of the contempo move from the $18.05 low to $19.99 aerial at $18.79 ability accessible the doors for $18.05 in the abbreviate term.
Hourly MACD – The MACD is about done with the bullish zone, and about to change the slope.
Hourly RSI – The RSI has confused beneath the 50 level, which is a bearish sign.
Major Support Level – $19.00
Major Resistance Level – $19.40
Charts address – SimpleFX
