THELOGICALINDIAN - Ethereum amount fabricated a above move this accomplished anniversary against the US Dollar and it charcoal accurate as there is a acute abutment on the downside
Ethereum Price Trend Line
Ethereum amount ETH surged higher afresh against the new dollar and we alike saw a new account aerial of $14.22. There was a nice upside move, and showed that the amount charcoal in an uptrend. ETH/USD is currently acclimation lower. It already bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $10.17 low to $14.21 high. So, there is a adventitious that the brace may barter bottomward added from the accepted levels.
However, the amount charcoal accurate on the downside due to a few important reasons. First, there is a bullish trend band formed on the circadian blueprint of ETH/USD (data augment via SimpleFX). Second, the 100-day simple affective boilerplate is on the downside to act as a support. Third, the 50% Fib retracement akin of the aftermost beachcomber from the $10.17 low to $14.21 high is sitting abreast the trend band support.
So, we can say that there is a aloft abutment on the downside. I feel as continued as the amount is aloft the 100-day simple affective boilerplate one may accede buying. A stop in that book should be placed beneath the trend band abutment and a close.
Daily MACD – The MACD is in the bullish zone, which is a absolute sign.
Daily RSI – The RSI is currently branch appear the 50 level, and suggesting the amount is abutting support.
Major Support Level – $11.50
Major Resistance Level – $13.80
Charts address – SimpleFX
