THELOGICALINDIAN - Ethereum amount is beneath a lot of bearish burden vs the US Dollar and Bitcoin and ETHUSD may abide to barter lower activity forward
Ethereum Price Downside Pressure
It was a bad anniversary for ETH price, as it beneath heavily adjoin the US Dollar and Bitcoin. There was an access in the bearish pressure, igniting downside move in ETH/USD and ETH/BTC. The ETH/USD brace alike traded appear $8.46 afore acclimation a few points. On the upside, there is a acute bearish trend band formed on the circadian blueprint of ETH/USD (data augment via SimpleFX).
It acted as a monster attrition breadth for the pair, and may abide to advance it lower. It already adapted once, but begin sellers abreast the 23.6% Fib retracement akin of the aftermost abatement from the $12.75 aerial to $8.46 low. The blueprint does not abutment a bullish view at the moment, and it looks like the downside burden is complete in the abbreviate term. Above the 23.6% Fib retracement level, the accent trend band attrition may anticipate gains, and stop the upside move.
On the downside, the $8.50 akin may act as a support. A breach beneath it may advance the amount added down. The abutting important abutment is about the $8.20, and may anticipate the downside move.
Daily MACD – The MACD is currently in the bearish zone, and not assuming any signs of a recovery.
Daily RSI – The RSI is currently about the oversold breadth with no bright direction.
Major Support Level – $8.50
Major Resistance Level – $9.50
Charts address – SimpleFX
