THELOGICALINDIAN - Ethereum amount started a appropriate upside move adjoin the US Dollar and Bitcoin ETHUSD is currently acclimation lower back it disturbing to breach the 890900 levels
Ethereum Price Trend
This accomplished week, there was a good alpha to a new upside wave in ETH amount aloft the $700 akin adjoin the US Dollar. The amount fabricated acceptable arena and it was able to move aloft the $750 and $800 levels. However, the amount struggled to move aloft the $880-900 attrition levels. It faced a able advertise area abreast the $895-900 levels, which afire a downside correction.
More importantly, there is a aloft bearish trend band basic with attrition at $860 on the 4-hours blueprint of ETH/USD. The brace afresh bootless to move aloft the trend band and beneath beneath $850. It has breached the 23.6% Fib retracement akin of the aftermost beachcomber from the $553 low to $897 high. The accepted trend is a bit bearish with signs of sellers about the $850-860 levels. On the downside, there is a aloft abutment abreast the $740 level. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $553 low to $897 aerial is abreast $725.
Therefore, the $725-740 area is a appropriate abutment and the amount may acquisition bids abreast the declared levels. Below the mentioned $725, the amount may already afresh appear beneath bearish pressure. On the upside, the amount has to abutting aloft $860 and $890 to accretion upside momentum.
4-hours MACD – The MACD is currently affective lower in the bullish zone.
4-hours RSI – The RSI has confused beneath the 50 level.
Major Support Level – $725
Major Resistance Level – $860
Charts address – SimpleFX
