THELOGICALINDIAN - Ethereum amount beneath heavily due to the DAO drudge and absent about 40 of the amount Can losses stop in ETH or will it abide to move down
Ethereum Price Decline
Ethereum amount ETH fell like a stone during the accomplished few hours adjoin the US Dollar, and the capital acumen was the DAO hack, which afire a aciculate abatement in the price. ETH/USD afterwards trading as high as $21.00 begin sellers and afterwards the DAO drudge report, it fell beneath the $16.00 level. Recently, the amount traded appear the $10.0 akin area the beasts are angry to anticipate any added declines.
During the downside move, the amount bankrupt a bullish trend band formed on the 4-hours blueprint (data augment via Kraken) of ETH/USD. The amount is currently attempting to achieve beneath the 100 simple affective boilerplate (H4), but it may not be accessible for the sellers.
I anticipate the 100 SMA holds the key for ETH/USD in the abbreviate term, and as continued as the amount do not achieve beneath it, there is a adventitious of a accessory accretion (as a allotment of a correction). No doubt, the amount is beneath a lot of burden and may abide to barter with a abrogating bent for some time.
4-hours MACD – The MACD is in the bearish slope, which is a bearish sign.
4-hours RSI – The RSI is about the 40 level, pointing appear weakness in ETH.
Weekly Support Level – $10.40
Weekly Resistance Level – $14.00
Charts address of Kraken via Trading View
