THELOGICALINDIAN - Ethereum archetypal amount is beneath abundant affairs burden adjoin the US Dollar and Bitcoin ETCUSD traded to a new 2024 low beneath the 700 support
There was no accretion aloft the $9.25 resistance in ETC amount adjoin the US dollar. The ETC/USD brace started a aciculate downside move and bankrupt the $8.00 and $7.00 abutment levels. The abatement was awful as the amount traded to a new 2018 low at $6.70. Later, there was a accessory balance aloft the $7.00, but the amount is still able-bodied beneath the 100 alternate simple affective average.
The amount afresh recovered aloft the 23.6% Fib retracement akin of the contempo bead from the $9.19 aerial to $6.70 low. However, the amount is adverse a solid attrition abreast the $7.80-8.00 area. There is additionally a abbreviate appellation alliance arrangement basic with attrition at $7.70 on the alternate blueprint of the ETC/USD pair. Aloft the alliance resistance, the 50% Fib retracement akin of the contempo bead from the $9.19 aerial to $6.70 low is abreast $7.95. Therefore, the amount is acceptable to acquisition a strong affairs interest abreast the $7.80 and $8.00 levels. On the downside, an antecedent abutment is at 7.20, beneath which the amount could accelerate beneath $7.00.
The chart suggests that ETC amount is beneath a lot of burden and it may resume its abatement appear the $7.20 or $7.00 levels in the abreast term.
Hourly MACD – The MACD for ETC/USD is boring abbreviation its bearish slope.
Hourly RSI – The RSI for ETC/USD is able-bodied beneath the 40 level.
Major Support Level – $7.00
Major Resistance Level – $8.00
