THELOGICALINDIAN - Ethereum archetypal amount is boring convalescent adjoin the US Dollar and Bitcoin ETCUSD is acceptable to ascend appear the 600 or 625 levels in the abreast term
Recently, there were heavy declines in ETC amount from the $7.40 beat aerial adjoin the US dollar. The ETC/USD brace beneath and bankrupt the $6.20, $6.00 and $5.50 abutment levels. The abatement was such that the amount acicular beneath the $5.00 abutment and traded as low as $4.97. The amount alike acclimatized beneath the $6.00 handle and the 100 alternate simple affective average.
Later, the amount adapted college from the $4.97 beat low and confused aloft the $5.00 and $5.20 level. The amount acquired absorption aloft the 23.6% Fib retracement akin of the aftermost abatement from the $7.40 aerial to $4.97 low. There was additionally a breach aloft a key application triangle with attrition at $5.55 on the alternate blueprint of the ETC/USD pair. It has opened the doors for added upsides appear the $6.00 level. The abutting attrition is at $6.20 and the 50% Fib retracement akin of the aftermost abatement from the $7.40 aerial to $4.97 low. Added above, the 100 alternate simple affective average is positioned abreast the $6.25 level.
The chart suggests that ETC amount is placed accurately aloft the $5.40 and $5.20 abutment levels. Therefore, there are affairs of an upside accretion appear $6.00 and $6.20. Any added assets will best acceptable face sellers abreast $6.80.
Hourly MACD – The MACD for ETC/USD is currently placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently aloft the 50 level.
Major Support Level – $5.20
Major Resistance Level – $6.00
