Ethereum Price Prediction: ETHUSD Might Break $83 Support Soon


December 12, 2018 AtoZ Markets  Ethereum is back in the red after a little correction from the bottom. The volume of the Ethereum shows a big red spike that drove a lot of traders to sell the coin. As per the data from coinmarketcap.com, Ethereum price is trading at $91 level with the 24-hours volume of $61.35 Million. At the time of press, the coin has a market cap of $9.3 Billion.

Ethereum Technical Analysis

Looking at the charts, after forming a high near the $98-100 zone, Ethereum price started a bearish wave against the USD. The ETHUSD pair declined and traded below the $95 support and the 100 hourly SMA. It opened the doors for more losses and the price of the coin recently broke the $92 and $90 support levels. Also, sellers remained in control and even pushed the price below the $88 pivot level.

Moreover, yesterday’s highlighted major contracting triangle was breached with support at $88 level on the hourly chart of ETHUSD pair. The pair traded as low as $85 level recently and it is currently consolidating losses. An initial resistance is near the 23.6% Fibonacci retracement level of the recent decline from the $99 swing highs to $85 lows. However, the first major hurdle is near the $91 level and the 100 hourly SMA. In addition to that, an intermediate resistance is the 50% Fibonacci retracement level of the recent decline from the $99 swing highs to $85 lows.

In conclusion, Ethereum price is clearly facing a lot of hurdles starting with $91 level and up to $93 level. A credible close above the $93 level is needed for a decent recovery. If not, the price of the coin might break the $83 support and it may even test $80 handle.

Ethereum Pivot Points

Ethereum price has a significant daily support near $86 levels and resistance near $93 levels.

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