December 19, 2018 AtoZ Markets - Cryptocurrency market has shown a bullish signal since the past few days. Ethereum, the third largest cryptocurrency after Ripple has shown a rise above "double digits" after the bullish sentiment gets stronger. As per the data from coinmarketcap, Ethereum price is trading below $103 level with the 24-hours volume of $132 Million. At the time of press, the coin has a market cap of $10.7 Billion.
Ethereum Technical Analysis
Yesterday, we experienced a nice upside break above the $89-90 resistance area in Ethereum price against the USD. The ETHUSD pair traded towards the $96-97 level and settled above the 100 hourly SMA. Later, the price strikes the lower level and tested the $91-92 support area where buyers emerged. However, there was a fresh bullish wave and the price of the coin successfully broke the $97 and $99 resistance levels.
Moreover, the price of Ether even broke the $100 level and traded as high as $104.47 level. Currently, Ethereum's price is consolidating gains near $102 levels, with a bullish angle. On the downside, an initial support is the 23.6% Fibonacci retracement level of the recent wave from the $91 lows to $104 highs.
Also, there is a connecting bullish trend line formed with support at $97 on the hourly chart of ETHUSD pair. The trend line is close to the 50% Fibonacci retracement level of the recent wave from the $91 swing low to $104 swing high. Therefore, if there is a downside correction, the price of the coin is likely to find support near the $97 and $100 levels. On the upside, a break above the $104 swing high could push the Ethereum's price towards $108 or $115.
To sum up, Ethereum price is clearly trading in an uptrend above $97 level. As long as it stays above the $92 swing low, it could extend gains above $110 level. The next resistance is placed at $117 levels, from where the price might show some correction.
Ethereum Daily Pivot Points
Ethereum price has a significant daily support near $97 levels and resistance near $107 levels.
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