THELOGICALINDIAN - Ethereum amount was beneath a lot of bearish burden adjoin the US dollar and currently the beasts are angry about a above support
Ethereum Price Trend
Ethereum amount ETH afterwards blockage aloft the $13.00 akin adjoin the US Dollar for some time, moved bottomward and beneath heavily. There was a solid downside move, which bent the ETH buyers by surprise. They were outpaced by the sellers, as the amount beneath beneath the $13.00 handle. The amount additionally bootless abreast the 50% fib retracement akin of the aftermost bead from the $14.26 aerial to $12.26 low lately, which afire a downside move.
The amount is currently trading abreast a analytical bullish trend band formed on the circadian blueprint of ETH/USD (data augment via SimpleFX). It may act as a monster abutment breadth on the downside, and ability aftermath a bounce. Another important point is the actuality that the 100-day simple affective boilerplate is additionally on the downside. So, we can say that the amount is trading abreast a major support breadth on the circadian timeframe chart.
However, it won’t be accessible for the ETH beasts to booty the amount higher. On the upside, the 50% fib retracement akin of the aftermost bead from the $14.26 aerial to $12.26 low may abide to act as a resistance. I anticipate we can see some added losses afore the amount can alpha a alliance phase.
Daily MACD – The MACD is not assuming any above bearish sign, which is acceptable for the bulls.
Daily RSI – The RSI is currently aloft the 50 level, and may break aloft it.
Major Support Level – $12.00
Major Resistance Level – $13.50
Charts address – SimpleFX
