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Technical analysis

Ethereum Attempts Recovery Above $100: Will ETHUSD Succeed?

OctaFx | Nov. 28, 2018
Ethereum Attempts Recovery Above $100: Will ETHUSD Succeed?

Ethereum, the third largest coin with a market value of about $11billion, is changing hands at $111 at the time of writing, off the recent low of $100.87 touched on Tuesday. Where is the ETHUSD pair now headed? Gain insight into the following technical analysis.

November 28, OctaFX – Ethereum is recovering towards the $110.00 level in early Wednesday trade, after finding strong dip-buying demand below the psychological $100.00 level.

ETHUSD Technical Analysis

The MACD and RSI indicators on the one-hour time frame are also signalling that short-term bullish momentum is building. A sustained move below the $106.00 level may prompt another technical test of the $97.60 support level.

  • The ETHUSD pair is only bullish while trading above the $113.00 level, key resistance is found at the $117.00 and $123.00 levels.


  • If the ETHUSD pair trades below the $106.00 level, sellers are likely to test towards the $100.00 and $97.60 support levels.


Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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