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Amandeep Sonewane

5 December 2018

Cryptocurrency Technical analysis

Analysis: Ethereum Price Might Slide Below $100 in Near Term


December 05, 2018 AtoZ Markets  -  Ethereum, the third-largest cryptocurrency in term of the market cap has stepped back into the bearish trend after a small recovery. The price of the coin has dropped 3.38% in the past 24 hours, successfully landing a hit on the bearish zone.

According to CoinMarketCap, the coin was trading at $108 with a market cap of $11.1 Billion. Since the last week, Ethereum has dropped by -6.77% with a total volume of over $ 644.64 Million. The highest price of the coin, $ 126.71, was on 28 November 2018 at 22:00 GMT while the lowest price, $ 105.55, was on 04 December 2018 at 08:00 GMT.

Ethereum Technical Analysis

Looking at the charts, Ethereum price remains capped near $114-115 level against the USD. The ETHUSD pair failed to break the $113-114 resistance zone and resumed to decline from upside. Before there was a decent recovery from the $105 support level.

The price of the coin climbed above the $110 level to stage a recovery. It also surged above the 23.6% Fibonacci retracement level of the last slide from the $118 swing highs to $104 lows. However, the upward move was capped by the $113-114 resistance zone.

The price of the coin also failed to settle above $112 and the 100 hourly SMA. Besides, the price of the coin was rejected near the 50% Fibonacci retracement level of the last slide from the $118 swing highs to $104 lows. A fresh decline is underway and the price is currently trading below $107 level. On the downside, the next major support is placed at $102 level, below which the price of Ether might revisit the $100 level. On the upside, this week’s followed bearish trend line is still in place with resistance at $112 on the hourly chart of ETHUSD pair.

To sum up, Ethereum price is back in a bearish zone below $110 level. As long as there is no close above the 100 hourly SMA and $115 mark, the price of Ether remains at a risk of more declines.

Ethereum Pivot Points

Ethereum price has a significant daily support near $107 levels and resistance near $115 levels.

Think we missed something? Let us know in the comments section below.

ETH Ethereum ETH/USD
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarkets.com, nor should they be attributed to AtoZMarkets.

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