THELOGICALINDIAN - Ethereum archetypal amount fell decidedly adjoin the US Dollar and Bitcoin ETCUSD could abide to move bottomward beneath 550 to analysis 500
After dropping to the $7.00 level, ETC amount started a abbreviate appellation alliance adjoin the US dollar. The ETC/USD brace adapted a few credibility aloft $7.20, but it bootless to accretion traction. The amount was alone abreast the $7.50 akin and the 100 alternate simple affective average. As a result, there was a aciculate abatement and the amount traded beneath the $7.00 and $6.90 abutment levels.
It traded as low as $5.92 afore acclimation already again. It activated the 23.6% Fib retracement akin of the contempo bead from the $7.56 aerial to $5.92 low. However, upsides were capped already afresh abreast $6.30 and the amount declined. It bankrupt the $5.92 low and traded to a new annual low. The accepted amount activity is cool bearish beneath $6.00 and it seems like the amount could advance beneath the $5.80 and $5.50 levels in the abreast term. On the upside, there is appropriate attrition formed abreast $5.90. Moreover, there is a abbreviate appellation bearish trend band formed with attrition at $6.00 on the alternate blueprint of the ETC/USD pair.
The chart suggests that ETC amount charcoal at a accident of a downside addendum beneath $5.50. If sellers abide in action, the abutting stop for them could be $5.20 or alike $5.00. On the upside, resistances are at $6.00 and $6.75.
Hourly MACD – The MACD for ETC/USD is about to move aback in the bearish zone.
Hourly RSI – The RSI for ETC/USD is able-bodied beneath the 30 level.
Major Support Level – $5.50
Major Resistance Level – $6.00
