THELOGICALINDIAN - Ethereum amount charcoal in an uptrend adjoin the US Dollar and at the moment it looks like the ETHUSD brace is eyeing analysis of the 1200 support
Ethereum Price Trend Line Support
This accomplished week, we there was a acceleration appear $13.20 in Ethereum amount adjoin the US Dollar. Later, the price begin sellers and started accumulation assets beneath $13.00. The amount at the moment is trading in a range, and may barter lower as a allotment of a correction. On the downside, there are abounding abutment levels, like the 23.6% fib retracement akin of the aftermost beachcomber from the $8.99 low to $13.20 high.
However, there are two bullish trend curve formed on the circadian blueprint (data augment via SimpleFX) of ETH/USD. These are important supports on the downside. The aboriginal trend band at $11.60-11.80 additionally coincides with the 38.2% fib retracement akin of the aftermost beachcomber from the $8.99 low to $13.20 high. The additional one is added on the downside appear $11.00. So, we can say that there are many support areas on the downside starting $12.20.
So, if the brace continues to actual lower, it may acquisition bids on the downside and recover. Overall, it looks like the amount charcoal accurate and charcoal buy on dips abreast $12.00. On the upside, an antecedent attrition is at $13.20, followed by $13.40.
Daily MACD – The MACD is able-bodied placed in the bullish zone.
Daily RSI – The RSI is in the overbought levels, suggesting a correction.
Major Support Level – $12.00
Major Resistance Level – $13.00
Charts address – SimpleFX
