THELOGICALINDIAN - Ethereum amount confused bottomward adjoin the US Dollar to achieve beneath 1700 It looks like ETHUSD ability abide beneath a bearish burden for some time
Ethereum Price beneath Pressure
Yesterday, we saw an increase in the bearish burden on ETH amount vs the US Dollar, as it confused beneath $18.60. The amount continued the downside and beneath further. There was a aciculate downside move, demography the amount beneath the $18.04 abutment area. It after confused beneath a brace of abutment levels like $17.60, $17.50 and $17.00. Overall, the bearish burden got hold, and the amount fell appear $16.00 to anatomy a low at $16.06.
The best important point was yesterday’s accent bearish trend band with attrition at $18.70 on the alternate blueprint of ETH/USD (data augment via SimpleFX). It acted as a absolute attrition and pushed the amount bottomward to complete a advertise abreast $16.50. At the moment, the price is recovering from the $16.06 low. It is attempting to breach the 23.6% Fib retracement akin of the aftermost bead from the $19.10 aerial to $16.06 low.
However, the best important attrition is abreast $17.50. It coincides with the aforementioned attrition trend band at $17.55. Also, the 38.2% Fib retracement akin of the aftermost bead from the $19.10 aerial to $16.06 low is at $17.22. So, there are abounding resistances on the way up for the price.
Hourly MACD – The MACD is now placed able-bodied in the bearish zone.
Hourly RSI – The RSI is convalescent from the 20 level, but charcoal able-bodied beneath the 50 level.
Major Support Level – $16.25
Major Resistance Level – $17.50
Charts address – SimpleFX
