Analysis Technical

Ethereum Price Weekly Analysis: Upsides in ETH Remains Capped Near $98

Aayush Jindal | December 16, 2018 | 4:08 am
technical analysis ethereum
Analysis

Ethereum Price Weekly Analysis: Upsides in ETH Remains Capped Near $98

Aayush Jindal | December 16, 2018 | 4:08 am

Key Highlights

  • ETH price declined recently and traded towards the $80-81 support area against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $84 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair may continue to move higher, but it could face sellers near the $98 and $100 levels.

Ethereum price failed to gain bullish momentum versus the US Dollar and Bitcoin. ETH/USD remains a sell near the $98-100 resistance area in the near term.

Ethereum Price Analysis

This past week, ETH price started a downside move after trading as high as $98 against the US Dollar. The ETH/USD pair declined below the $90 and $84 support levels. The decline was such that the price traded close to the $80 support level. Later, the price recovered above $82, but it is still well below the 100 simple moving average (4-hours). Buyers recently pushed the price above the 23.6% Fib retracement level of the last decline from the $98 high to $80 low.

Moreover, there was a break above a major bearish trend line with resistance at $84 on the 4-hours chart of ETH/USD. The pair is currently trading above the $85 level, but there are many hurdles on the upside near the $89, $90, $95, $98 and $100 levels. An initial resistance is $89 and the 50% Fib retracement level of the last decline from the $98 high to $80 low. However, the main resistance is near the $98 level and the 100 simple moving average (4-hours).

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price might move a few points above $85 and $90. Having said that, it is likely to face a strong selling interest near the $98-100 zone. On the downside, the main supports are at $81 and $80.

4-hours MACD – The MACD just moved positively in the bullish zone.

4-hours RSI – The RSI recently jumped above the 50 level.

Major Support Level – $80

Major Resistance Level – $98

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.