THELOGICALINDIAN - Ethereum archetypal amount bootless to authority assets adjoin the US Dollar and Bitcoin ETCUSD is currently trading in a bearish area beneath the 960 support
Recently, we saw a nice upside move aloft the $9.50 attrition in ETC amount adjoin the US dollar. The ETC/USD brace acicular aloft the $10.00 level, but it bootless to authority gains. There were two attempts to bright the $10.00-10.15 attrition area, but buyers failed. As a result, there was a downside acknowledgment beneath the $9.80 abutment level. The amount beneath and acclimatized beneath the $9.60 abutment and the 100 alternate simple affective average.
There was a abutting beneath the 76.4% Fib retracement akin of the aftermost beachcomber from the $9.48 low to $10.15 high. More importantly, this week’s followed important ascendance approach formed was breached with abutment at $9.65 on the alternate blueprint of the ETC/USD pair. The brace is currently trading in a bearish area beneath the $9.60 abutment and the 100 alternate SMA. On the downside, the abutting abutment is abreast $9.32. It represents the 1.236 Fib addendum akin of the aftermost beachcomber from the $9.48 low to $10.15 high. Beneath $9.32, the amount could revisit the $9.00 support.
The chart suggests that ETC amount confused aback in a bearish area beneath $9.80 and $9.60. If there is an upside correction, sellers are acceptable to booty a angle abreast the $9.70-9.80 area and the 100 alternate SMA.
Hourly MACD – The MACD for ETC/USD is accepting drive in the bearish zone.
Hourly RSI – The RSI for ETC/USD is now able-bodied beneath the 50 level.
Major Support Level – $9.32
Major Resistance Level – $9.70
