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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