THELOGICALINDIAN - Ethereum amount remained beneath the bearish burden adjoin the US Dollar and it looks like the ETHUSD brace may abate a bit today
Ethereum Price Support Break
ETH amount started a recovery appearance this accomplished week, but it looks like the $11.10 attrition is adamantine to break. There was a abortion noted, which pushed the amount down. During the downside move, the amount bankrupt a brace of important supports. First, the 23.6% Fib retracement akin of the beachcomber from the $10.24 low to $11.08 aerial was broken, which afire a downside move.
Second, there was a breach beneath a analytical bullish trend band formed on the alternate blueprint (data augment via SimpleFX) of ETH/USD. Lastly, the amount additionally bankrupt beneath the 100 alternate simple affective average. These are not acceptable signs, and advance that the amount charcoal beneath a bearish pressure. If there is a accessory correction, again the 100 alternate SMA may act as a resistance.
On the downside, the abutting stop is about the 61.8% Fib retracement akin of the beachcomber from the $10.24 low to $11.08 high. It looks like the amount is accumulation at the moment, and may barter in a ambit afore chief the abutting move. On the upside, the amount needs to bright the $11.10 attrition if it needs to bright the ambit arrangement and move higher.
Hourly MACD – The MACD is about collapsed with a slight bearish momentum.
Hourly RSI – The RSI is aloof about the oversold readings, and calling for a accessory bounce.
Major Support Level – $10.60
Major Resistance Level – $11.00
Charts address – SimpleFX
