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Ethereum Price Turns Bullish Above $100, Next Target $115?

Ethereum Price Turns Bullish Above $100, Next Target $115?

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.

Think we missed something? Let us know in the comments section below.

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, nor should they be attributed to AtoZMarkets.

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