THELOGICALINDIAN - Ethereum amount confused bottomward beneath 4980 adjoin the US Dollar and now ETHUSD looks assertive to extend the abatement in the abbreviate term
Ethereum Price Resistance
There was a slight increase in the bearish burden on ETH price, as it confused beneath $50.20 adjoin the US Dollar. The amount struggled and continued losses beneath $50. The best important breach was beneath yesterday’s accent bullish trend band with abutment at $49.90 on the alternate blueprint (ETH/USD, abstracts augment via SimpleFX). It prompted a move beneath the 38.2% Fib retracement akin of the aftermost beachcomber from the $42.10 low to $53.69 high.
Later, the amount traded abutting to the $48 handle and confused with a bearish structure. However, the 50% Fib retracement akin of the aftermost beachcomber from the $42.10 low to $53.69 aerial managed to authority the downside. A major point to agenda actuality is the actuality that the 100 alternate simple affective boilerplate is abandoned abreast $48.80. The amount is flirting with it and there is no close. On the upside, yesterday’s acicular abutting bearish trend band is now proving to be a strong resistance abreast $49. If the amount continues to move higher, it could face sellers abreast $49.60.
On the downside, a abutting beneath $48 could be a abrogating assurance and ability alert added declines. The abutting abutment would be abreast the 61.8% Fib retracement akin of the aftermost beachcomber from the $42.10 low to $53.69 aerial at $46.50.
Hourly MACD – The MACD is aback in the bearish zone.
Hourly RSI – The RSI is disturbing to move aback aloft the 50 level.
Major Support Level – $48.00
Major Resistance Level – $49.60
Charts address – SimpleFX
