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Technical analysis

Ethereum Price Outlook: ETHUSD Might Stay Safe Above $114 Handle

Amandeep Sonewane | Nov. 30, 2018
Ethereum Price Outlook: ETHUSD Might Stay Safe Above $114 Handle

November 30, 2018 AtoZ Markets  - Ethereum, the third-largest cryptocurrency, has stepped back into the bearish trend after a small recovery. The price of the coin has dropped 2.3% in the past 24 hours, successfully landing a hit on the bearish zone.

According to CoinMarketCap, the coin was trading at $117 with a market cap of $12.10 Billion. Since the last Week, the price of Ethereum has dropped by 6.15% with a total volume of over $ 1.13 Billion. The highest price of the coin, $ 128.35 , was 24 November 2018 at 02:00 GMT while the lowest price, $ 100.77, was on 27 November 2018 at 12:00 GMT.

Ethereum Technical Analysis

Looking at the yesterday's price movement, ETHUSD pair saw a fresh weekly high near the $125 level. Later, the price of the coin started a downside correction and traded below the $122 and $120 levels. During the decline, there was a break below the 23.6% Fibonacci retracement level of the past move from the $100 low to $125 high. Moreover, the price of the coin traded below the $115 level, but it found support near the $114 level.

Moreover, there was no reach to the 50% Fibonacci retracement level of the last leg from the $100 lows to $125 highs. The price of the coin is currently moving higher towards $120 level and it is above the 100 hourly SMA. Most importantly, there is a short term descending channel or flag formed with the resistance at $120 level on the hourly chart of ETHUSD pair. Now, buyers need to clear the channel resistance and $120 level to gain the pace for a fresh bullish wave. The next major resistances are near $123 and $129 levels. The main resistance is at $133, above which the price might test above $140 handle.

To sum up, Ethereum price is clearly trading nicely above the $110 and $114 support levels. As long as there is no close below $110 mark, the price of Ether might bounce back and trade above $125 handle.

Ethereum Pivot Points

Ethereum has a significant daily support near $114 level and resistance near $123 level.

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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.