THELOGICALINDIAN - Ethereum amount acicular bottomward to complete a downside advance adjoin the US Dollar Can it balance or will it abide to barter down
Ethereum Price Resistance
Ethereum amount connected to move bottomward against the US Dollar, as the ETH/USD brace traded beneath the $11.00 area. There was a sharp downside move attractive at the alternate blueprint candles, as yesterday’s bearish trend band on the alternate blueprint (data augment via Kraken) of ETH/USD acted as a absolute barrier for the upside move.
My yesterday’s abstraction of a advertise trade was correct, and my appearance of added losses in ETH/USD paid off. Going forward, I anticipate one needs to be actual accurate if planning to advertise ETH. I anticipate there are aerial affairs of a accretion in the abreast term. However, in adjustment for the amount to move higher, it needs to breach the accent trend band and attrition area. Moreover, the 100 alternate simple affective boilerplate is additionally positioned on the upside to arrest the upside move in ETH/USD.
In adjustment for the amount to alpha a recovery, it has to abutting aloft the 50% Fib retracement akin of the aftermost bead from the $13.00 high, and abutting aloft the 100 alternate SMA. I anticipate one charge delay for some time afore planning to barter in the abbreviate term.
Hourly MACD – The MACD is affective into the bullish slope, which can be an antecedent assurance of a recovery.
Hourly RSI – The RSI is still beneath the 50 level, which is a alteration signal.
Major Support Level – $11.00
Major Resistance Level – $12.00
Charts address of Kraken via Trading View
