THELOGICALINDIAN - Ethereum archetypal amount is afterward a bearish aisle adjoin the US Dollar and Bitcoin ETCUSD may abide to move bottomward as continued as it is beneath 1100
During the accomplished few days, there was a slow and abiding decline from $12.00 in ETC amount adjoin the US dollar. The ETC/USD brace additionally bankrupt the $11.00 abutment and traded appear the $10.60 level. A low was $10.61 and after the amount started an upside correction. There was a breach aloft the $10.80 attrition and the 100 alternate simple affective average.
The amount additionally confused aloft the 50% Fib retracement akin of the aftermost abatement from the $11.15 aerial to $10.61 low. However, the upside move was adequate by the $11.00 resistance. More importantly, there is a acute bearish trend band formed with attrition at $10.95 on the alternate blueprint of the ETC/USD pair. Around the trend line, the 61.8% Fib retracement akin of the aftermost abatement from the $11.15 aerial to $10.61 low is additionally positioned. Therefore, the amount has to breach the trend band and the $11.00 attrition to accretion traction. Aloft $11.00, the amount could abide to move higher appear the $11.25 and $11.40 resistances.
The chart suggests that ETC amount is beneath burden beneath the $11.00 axis level. If there is no abutting aloft $11.00, the amount may abatement further. On the downside, an antecedent abutment is at $10.80, beneath which the amount may barter appear $10.60.
Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.
Hourly RSI – The RSI for ETC/USD is placed aloft the 50 level.
Major Support Level – $10.60
Major Resistance Level – $11.00
