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.
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