THELOGICALINDIAN - Ethereum archetypal amount continued losses adjoin the US Dollar and Bitcoin ETCUSD charcoal advertise on rallies if there is a accretion appear the 440 level
In the aftermost analysis, we discussed that ETC amount could revisit the $4.00 level adjoin the US dollar. The ETC/USD brace did barter lower and bankrupt the $4.50 and $4.25 abutment levels. The amount acclimatized beneath the $4.40 abutment and the 100 alternate simple affective average. There abatement was such that the amount alike bankrupt the $4.00 abutment level. A new annual low was formed at $3.91 and the amount charcoal in a bearish zone.
An antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo abatement from the $4.71 aerial to $3.91 low. Moreover, there is a key bearish trend band formed with attrition at $4.10 on the alternate blueprint of the ETC/USD pair. If there is a breach aloft the trend line, the amount could barter appear the $4.40 resistance. An average attrition is the 50% Fib retracement akin of the contempo abatement from the $4.71 aerial to $3.91 low. If there is an upside correction aloft $4.10 or $4.20, the amount could face a able affairs absorption abreast the $4.40 level.
The chart suggests that ETC amount is faced an added affairs burden beneath $4.40. After a abbreviate appellation correction, the amount is acceptable to resume its abatement beneath the $4.00 and $3.90 levels.
Hourly MACD – The MACD for ETC/USD is currently hardly placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is boring affective college appear the 50 level.
Major Support Level – $4.00
Major Resistance Level – $4.40
