THELOGICALINDIAN - Ethereum amount traded appear 700 handle adjoin the US Dollar this accomplished anniversary and it looks like there can be added abatement in ETHUSD activity forward
Ethereum Price Resistance
There was a sharp decline in Ethereum amount adjoin the US Dollar and BTC, and it looks like there can be added losses in the abreast term. There was a breach beneath the all-important $8.00 handle as the amount beneath appear the $7.20 level. A new account low was formed at $7.17 afore the amount started a correction. During the accepted alteration wave, the amount traded aloft the 23.6% Fib retracement akin of the aftermost abatement from the $8.52 aerial to $7.17 low.
However, the alteration beachcomber was adjourned abreast a monster bearish trend band formed on the 4-hours blueprint of ETH/USD (data augment via SimpleFX). The aforementioned trend band is additionally ancillary with the 50% Fib retracement akin of the aftermost abatement from the $8.52 aerial to $7.17 low. So, it looks like the amount has acceptable completed a correction wave and may move bottomward already again.
The accent trend band attrition holds a lot of importance, and as continued as the amount is beneath it, it charcoal at risk. If you are a seller, again accumulate an eye on the aforementioned trend band resistance.
4-hours MACD – The MACD is acerb placed in the bearish zone, suggesting added losses.
4-hours RSI – The RSI is currently able-bodied beneath the 50 level, which is a bearish sign.
Major Support Level – $7.20
Major Resistance Level – $7.80
Charts address – SimpleFX
