November 29, 2018 AtoZ Markets - The crypto market had finally started its upward correction, with Bitcoin price jumped up by 15% from the $3,600 support, Ethereum is up by 21% from the $98 bottom to $126 as of now. This correction was anticipated after the massive declines since Bitcoin broke down the descending triangle pattern formation in the daily chart two weeks ago.
At press time, Ethereum price is trading near $120 mark with 24 hours volume of $1.09 Billion in according to CoinMarketCap data.
Ethereum Technical Analysis
Looking to the Yesterday's chart, there was a bullish break above the $115 level in Ethereum price against the USD. The ETHUSD pair surged higher and broke the $118 and $120 resistance levels. Also, there was a close above the $112 pivot and the 100 hourly SMA. The price of the coin traded towards the $125 resistance level where sellers emerged. As a result, there was a downside reaction and the price declined below $120 mark.
The charts also shows that there was a break below the 23.6% Fibonacci retracement level of the recent wave from the $99 lows to $125 highs. Moreover, a break below a connecting bullish trend line with support at $119 on the hourly chart of ETHUSD pair. The ETHUSD pair is now approaching a couple of important supports above the $112 level. An initial support is at $114 and the 100 hourly SMA. The next support is at $115 and the 50% Fibonacci retracement level of the recent wave from the $99 low to $125 high. If there is a break below the $115 support, the price of the coin might decline towards $105 level.
In conclusion, Ethereum price traded with a bullish sign above the $120 level, but failed to clear the crucial resistance which is placed at $130 handle. The pair is correcting lower towards the $114 support, which could stop further losses.
Ethereum Pivot Points
Ethereum price has a significant daily support near $114 levels and resistance near $130 levels.
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