THELOGICALINDIAN - Ethereum archetypal amount fell acutely adjoin the US Dollar and Bitcoin ETCUSD charcoal advertise on rallies abreast the 930 and 940 attrition levels
In the aftermost analysis, we discussed that ETC amount remains advertise on rallies beneath $10.00 adjoin the US dollar. The ETC/USD brace remained in a bearish area and it beneath beneath the $9.50 and $9.40 abutment levels. The contempo abatement was such that the amount alike bankrupt the $9.00 abutment and acclimatized beneath the 100 alternate simple affective average. A low was formed at $8.81 afore the amount started an upside correction.
It confused aloft the 23.6% Fib retracement akin of the contempo abatement from the $9.60 aerial to $8.81 low. It seems like the brace may actual added higher, but there are abounding hurdles abreast $9.20, $9.30 and $9.40. There is additionally a above bearish trend band in abode with attrition at $9.35 on the alternate blueprint of the ETC/USD pair. Moreover, the 50% Fib retracement akin of the contempo abatement from the $9.60 aerial to $8.81 low is abreast $9.20 to act as a solid resistance. Therefore, if the amount corrects higher, it could face sellers abreast $9.20, $9.30 and $9.40.
The chart suggests that ETC amount is aback in a bearish area beneath the $10.00 handle. On the downside, a able breach and abutting beneath the $9.00 akin may advance the amount appear the $8.50 level.
Hourly MACD – The MACD for ETC/USD is currently affective in the bullish zone.
Hourly RSI – The RSI for ETC/USD is still able-bodied beneath the 50 level.
Major Support Level – $9.00
Major Resistance Level – $9.30
