THELOGICALINDIAN - Ethereum archetypal amount beneath added adjoin the US Dollar and Bitcoin ETCUSD could advance losses beneath 410 and 400 if it fails to ascend aloft 500
During the accomplished few days, there was a sharp decline in ETC amount beneath the $6.00 abutment adjoin the US dollar. The ETC/USD brace alike bankrupt the $5.00 abutment breadth and acclimatized able-bodied beneath the 100 alternate simple affective average. The contempo acceleration in affairs burden on Ethereum, ripple and bitcoin sparked added losses in ETC beneath $4.50. The amount alike bankrupt the $4.20 abutment akin and formed a new annual low at $4.08.
At the moment, the amount is accumulation losses aloft the $4.10 level. An antecedent attrition is the 23.6% Fib retracement akin of the contempo abatement from the $4.91 aerial to $4.08 low. More importantly, there is a above bearish trend band formed with attrition at $4.50 on the alternate blueprint of the ETC/USD pair. The trend band is abutting to the 50% Fib retracement akin of the contempo abatement from the $4.91 aerial to $4.08 low. Therefore, if the amount corrects higher, it may face a able attrition abreast the $4.40 and $4.50 levels.
The chart suggests that ETC amount is disturbing to breach aloft the $4.10 and $4.08 levels. If there is a downside breach beneath $4.08, the amount is acceptable to advance losses beneath the $4.00 akin in the abreast term.
Hourly MACD – The MACD for ETC/USD is hardly placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is collapsed beneath the 50 level.
Major Support Level – $4.00
Major Resistance Level – $4.50
