Analysis Technical

Ethereum Price Weekly Analysis: ETH Remains Sell Near $100

Aayush Jindal | December 9, 2018 | 5:00 am
technical analysis ethereum
Analysis

Ethereum Price Weekly Analysis: ETH Remains Sell Near $100

Aayush Jindal | December 9, 2018 | 5:00 am

Key Highlights

  • ETH price declined heavily after it failed to break the $125 resistance against the US Dollar.
  • There is a crucial bearish trend line formed with resistance at $101 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair may correct higher, but is likely to face sellers near the $99, $100 and $101 resistances.

Ethereum price declined heavily this past week versus the US Dollar and Bitcoin. ETH/USD remains in a downtrend as long as it is below $100 and $114.

Ethereum Price Analysis

This past week, ETH price was rejected near the $125-126 resistance zone against the US Dollar. The ETH/USD pair started a significant downside move and traded below the $110, $105 and $100 support levels. There was even a close below $105 and the 100 simple moving average (4-hours). Sellers pushed the price below the $100 and $90 levels. A new yearly low was formed near $80 and later the price corrected higher.

There was a decent correction above the $90 resistance. The price moved above the 23.6% Fib retracement level of the last decline from the $125 high to $80 low. However, the upside correction was capped near the $103-104 area. Moreover, the 50% Fib retracement level of the last decline from the $125 high to $80 low prevented gains. There is also a crucial bearish trend line formed with resistance at $101 on the 4-hours chart of ETH/USD. The pair retreated and moved back below the $100 level. It is currently near $90 and it seems like upsides remain capped near $96 and $99.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is in a major downtrend below the $105 and $114 levels. If the price continues to move down, it could even break the $80 swing low. The next key support is at $72 and $65.

4-hours MACD – The MACD is slowly moving in the bullish zone.

4-hours RSI – The RSI has recovered above the 40 level.

Major Support Level – $80

Major Resistance Level – $101

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 best UK casinos
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.