THELOGICALINDIAN - Ethereum amount is adverse a hurdle in the anatomy of a bearish trend band and if it holds ETHUSD may barter bottomward already again
Ethereum Price Resistance
Ethereum amount ETH aloof managed to accretion bids abreast the $11.80 abutment breadth vs the US Dollar breadth the beasts appeared to avert the downside. The amount is currently recovering, but facing resistance abreast yesterday’s accent bearish trend band on the alternate blueprint (data augment via Kraken) of ETH/USD. The accent trend band and attrition breadth authority a lot of importance, as it will ascertain the abutting move in the abbreviate term.
The amount is currently positioned about the 23.6% Fib retracement akin of the aftermost bead from the $14.40 aerial to $11.79 low. If there is a breach of the trend band resistance, again a move appear the abutting resistance, which is the 50% Fib retracement akin of the aforementioned beachcomber is possible.
However, I will adopt to be on the sidelines, as I feel there can be addition bounce in ETH/USD and the amount may move bottomward already afresh appear $11.80. You can plan to access a advertise barter as continued as the amount is beneath the trend band with a stop aloft it. However, my admonition will be to barter with caution.
Hourly MACD – The MACD is in the bullish zone, which is a alteration assurance for ETH.
Hourly RSI – The RSI is aloof aloft the 50 level, signaling that there is a adventitious of an upside move.
Intraday Support Level – $12.00
Intraday Resistance Level – $12.60
Charts address of Kraken via Trading View
Header Image via NewsBTC
