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.

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