Analysis Technical

Ethereum Price Analysis: ETH Turned Buy On Dips Above $90

Aayush Jindal | December 18, 2018 | 4:08 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH Turned Buy On Dips Above $90

Aayush Jindal | December 18, 2018 | 4:08 am

Key Highlights

  • ETH price traded higher recently and broke the $89-90 resistance area against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $87 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded as high as $97 and it is currently consolidating gains above $90.

Ethereum price made a nice bullish move against the US Dollar and bitcoin. ETH/USD is now trading in a bullish zone and it may find a strong support near $89-90.

Ethereum Price Analysis

After a minor downside correction from $88, ETH price found support near $83 against the US Dollar. The ETH/USD pair formed a support base near $83 and later started a solid upside move. It jumped above the $86 resistance and the 100 hourly simple moving average. The upside move was strong as the price even managed to surpass a significant barrier near the $89-90 zone.

Moreover, there was a break above a crucial bearish trend line with resistance at $87 on the hourly chart of ETH/USD. The pair climbed above the $95 level and traded close to $97. It is currently correcting lower below the $95 level. The price is trading near the 23.6% Fib retracement level of the last wave from the $83 low to $97 high. However, there are many supports on the downside near the $89-90 zone. The previous resistance near $90 is likely to act as a strong support. Besides, the 50% Fib retracement level of the last wave from the $83 low to $97 high is near $90.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price clearly climbed above key hurdles near $90, which may now act as supports. On the upside, a break above $96-97 may push the price towards the $100 and $105 resistance levels.

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

Hourly RSIThe RSI is currently well above the 60 level.

Major Support Level – $90

Major Resistance Level – $97

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.