Analysis Technical

Ethereum Price Analysis: ETH/USD Holding Key Support At $112

Aayush Jindal | November 30, 2018 | 6:28 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Holding Key Support At $112

Aayush Jindal | November 30, 2018 | 6:28 am

Key Highlights

  • ETH price corrected lower recently after forming a high near $125 against the US Dollar.
  • There is a short term declining channel or flag formed with resistance at $120 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must break the $119 and $120 resistance levels to climb higher in the near term.

Ethereum price is currently correcting against the US Dollar and bitcoin. ETH/USD must settle above $120 to resume its upside move above $124-125.

Ethereum Price Analysis

Yesterday, we saw a fresh weekly high near the $125 level in ETH price against the US Dollar. Later, the ETH/USD pair started a downside correction and traded below the $122 and $120 levels. During the decline, there was a break below the 23.6% Fib retracement level of the last leg from the $100 swing low to $125 high. Moreover, the price traded below the $115 level, but it found support near the $114 level.

There was no test of the 50% Fib retracement level of the last leg from the $100 swing low to $125 high. The price is currently moving higher towards $120 and it is above the 100 hourly simple moving average. More importantly, there is a short term declining channel or flag formed with resistance at $120 on the hourly chart of ETH/USD. Buyers need to clear the channel resistance and $120 to set the pace for a fresh bullish wave. The next major resistances are near $122 and $125. The main resistance is at $130, above which the price could test $134.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly trading nicely above the $112 and $114 support levels. As long as there is no close below $110, the price could bounce back and trade above $125.

Hourly MACDThe MACD is slowly moving back in the bullish zone.

Hourly RSIThe RSI is moving higher and it is currently just above the 50 level.

Major Support Level – $112

Major Resistance Level – $120

Tags: ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.