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Technical analysis

Ethereum Analysis: Will ETHUSD Extend Gains Above $110 Resistance?

Amandeep Sonewane | Dec. 20, 2018
Ethereum Analysis: Will ETHUSD Extend Gains Above $110 Resistance?

December 20, 2018 AtoZ Markets  - The price of Ethereum is in a bullish trend since yesterday, rallying above the $100 psychological level. The price of the coin reached the high of $112.24 but it faced resistance at the $110 price level. At press time, Ethereum has a market of $11.56 Billion according to the coinmarketcap stats.

Ethereum Technical Analysis

Looking at the charts, there was a solid upward move in price of Ethereum above the $107 resistance zone in ETH price against the USD. The ETHUSD pair traded above the $107 resistance and formed a new intraday high at $112 mark. Later, it started a downside correction and traded below the $104 level. There was a break below the 23.6% Fibonacci retracement level of the last wave from the $92 swing low to $112 swing high.

However, the decline in price was protected by the $97-98 zone, which was a support earlier. Moreover, the highlighted key bullish trend line acted as a support at $98 on the hourly chart of ETHUSD pair. The 50% Fibonacci retracement level of the last wave from the $92 swing low to $112 swing high also acted as a support level. The price of Ethereum is currently trading nicely above the trend line and $97 handle.

If the price continues to stay above $98 support, there might be more bullish moves above the $110 and $117 resistance levels. Finally, a break above $110 level might push the price of the coin towards $117 or $120 levels.

Ethereum price is trading nicely in an uptrend above the trend line and $98 support. However, if there is a downside extension below $98 mark, the price of the coin might correct further.

Ethereum Pivot Points

Ethereum price has a significant daily support near $85 levels and resistance near $91 levels.

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

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.