THELOGICALINDIAN - Ethereum amount started a alliance appearance adjoin the US Dollar with attrition at 1120 and ETHUSD ability be advancing for a ride soon
Ethereum Price Consolidation
After a nasty abatement towards $10.25, ETH amount recovered able-bodied adjoin the US Dollar. It confused aback aloft the $11.00 resistance, which is now acting as a abutment for buyers. The amount afresh traded as aerial as $11.21 area it begin attrition and confused down. However, the downside move was not able with abutment at $11.00. During the downside move, the amount bankrupt a bullish trend band on the alternate blueprint of ETH/USD (data augment via SimpleFX) at $11.10.
This is not a acceptable signal, but back there was no aloft decline, it can be ignored. The amount after started accumulation in a ambit aloft the $11.00 support. On the upside, the $11.20 akin is acting as a resistance, and preventing gains. There were abounding rejections abreast the highlighted resistance. On the added hand, the $11.00 is actual important. It additionally coincides with the 100 alternate simple affective boilerplate at $10.98.
Moreover, the 23.6% Fib retracement akin of the aftermost beachcomber from the $10.24 low to $11.21 aerial is additionally about the aforementioned abutment area. So, we can alarm the $11.00-10.95 breadth a acute abutment zone. A breach beneath it could booty the amount appear the $10.80 level. On the upside, the abutting attrition is at $11.40.
Hourly MACD – The MACD is about flat, suggesting a ambit trading.
Hourly RSI – The RSI is aloft the 50 level, but there is no solid absolute assurance yet.
Major Support Level – $11.00
Major Resistance Level – $11.20
Charts address – SimpleFX
