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.

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