THELOGICALINDIAN - Ethereum amount connected to abide beneath a bearish burden and if it increases ETH could abate added in the abreast term
Ethereum Price Barrier
Ethereum amount ETH attack continues adjoin the US Dollar, and every time the buyers attack to booty the amount college sellers arise and avert the upside move. Yesterday, I accent a bearish trend line on the alternate blueprint (data augment via Kraken) of ETH/USD, and was assured it to act as a resistance.
It did act as a barrier for the upside move, and prevented a breach in ETH/USD. I still anticipate as continued as the amount is beneath the accent trend band resistance, it may abide to struggle. It has additionally confused beneath the 100 alternate simple affective average, which is bearish sign and can be apparent as a attrition zone. Moreover, there are no absolute signs arising on the alternate chart, suggesting a accessible accretion in the abbreviate term.
Yesterday’s accent abutment breadth of the 50% Fib retracement akin of the aftermost leg from the $9.14 low to $11.30 aerial is still in abode and acting as a bid zone. A breach beneath the declared fib akin could burn added losses in the ETH/USD brace affective ahead.
Hourly MACD – The MACD is still positioned in the bearish zone, which is a bearish sign.
Hourly RSI – The RSI is additionally beneath the 50 level, signaling that the sellers are in activity as this moment.
Major Support Level – $10.20
Major Resistance Level – $10.48
Charts address – SimpleFX
