THELOGICALINDIAN - Ethereum amount afterwards a dip adjoin the US Dollar bounced aback and now ETHUSD is trading with a nice abutment breadth aloft 40
Ethereum Price Support
In the aftermost account analysis, we saw how ETH amount was trading aloft a acute abutment choice adjoin the US Dollar. The amount corrected lower, and after managed to accretion bids aloft the $30 handle. Finally, there was a beachcomber completion, and the amount was able to move aback higher. It climbed aloft the $42 resistance, and again confused accomplished $48. The best allotment was a abutting aloft the 61.8% Fib retracement akin of the aftermost bead from the $52 aerial to $32 low.
The amount is currently trading about the $50 handle, and already activated the $54 attrition once. On the downside, there is a nice bullish trend line formed with abutment at $47 on the circadian blueprint of ETH/USD brace (data augment via SimpleFX). Moreover, the 23.6% fib retracement akin of the aftermost beachcomber from the $30.36 low to $53.75 aerial is additionally cat-and-mouse on the downside. So, we can say there is a acceptable abutment accumulation aloof about $47.
As continued as the amount is aloft $47, there is a adventitious of it closing aback aloft $52. On the upside, the contempo aerial of $53.75 should be breached in adjustment for ETH amount to move accomplished $55.
Daily MACD – The MACD is able-bodied into the bullish zone, and extending gains.
Daily RSI – The RSI is affective bottomward from the overbought levels.
Major Support Level – $47.00
Major Resistance Level – $54.00
Charts address – SimpleFX
