Analysis Technical

Ethereum Price Analysis: ETH Near Make-or-Break Levels

Aayush Jindal | December 11, 2018 | 4:08 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH Near Make-or-Break Levels

Aayush Jindal | December 11, 2018 | 4:08 am

Key Highlights

  • ETH price declined recently and traded below the $92 support level against the US Dollar.
  • Yesterday’s highlighted key contracting triangle is intact with current support at $88 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to break the triangle and decline further towards the $85 or $80 levels.

Ethereum price failed to recover against the US Dollar and bitcoin. ETH/USD is likely to decline once again if there is an hourly close below $88 and $85.

Ethereum Price Analysis

After failing to clear the $98 resistance, ETH price started a fresh decline against the US Dollar. The ETH/USD pair traded lower and broke the $95 and $92 support levels. It opened the doors for more losses and the price settled below $90 and the 100 hourly simple moving average. At the moment, the price is trading near a major support area at $88, below which there could be a solid drop to $80.

More importantly, yesterday’s highlighted key contracting triangle is intact with current support at $88 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $93 level. It represents the 50% Fib retracement level of the last decline from the $98 high to $88 swing low. Besides, the 100 hourly SMA is also near the $92-93 area. The triangle resistance is near the $94 level, which is a crucial hurdle for buyers. The 61.8% Fib retracement level of the last decline from the $98 high to $88 swing low is also near $94.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price seems to be facing many hurdles near the $93 and $94 levels. Above $94, the main resistance is near the $98-100 zone. Therefore, the price could extend losses if buyers fail to gain pace above $94 and then $98.

Hourly MACDThe MACD is currently flat in the bearish zone.

Hourly RSIThe RSI moved below the 50 level with a bearish angle.

Major Support Level – $88

Major Resistance Level – $94

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.