THELOGICALINDIAN - Ethereum amount remained beneath a bearish burden this accomplished anniversary and it looks like ETH may abide to face offers in the abreast term
Ethereum Price Break
Ethereum amount ETH faced a lot of sellers this accomplished anniversary adjoin the US Dollar, as a acute attrition breadth at $14.00 acted as a hurdle and afire a downside move. The amount traded appear the $11.00 akin area it begin abutment and started accumulation losses. There is currently a application triangle arrangement formed on the 4-hours blueprint (data augment via Kraken) of ETH/USD, which holds the key for the abutting move.
On the upside, an antecedent attrition is about the 23.6% Fib retracement akin of the aftermost bead from the $16.10 aerial to $11.32 low. However, the best important one is about the triangle resistance area, which may act as a aloft barrier for the bulls. A breach aloft it could booty the amount appear the 100 simple affective boilerplate (H4 chart).
On the downside, if the ETH bears administer to breach the triangle abutment area, again a move appear the $10.00 akin is possible. I think, we charge to delay for the amount to complete consolidation, and again break either college or lower to bolt the abutting move.
4-hours MACD – The MACD is in the bearish slope, which is abrogating assurance for the bulls.
4-hours RSI – The RSI is beneath the mid-range, calling for a bearish bent in the abbreviate term.
Major Support Level – $11.00
Major Resistance Level – $13.00
Charts address of Kraken via Trading View
