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Technical analysis

ETHUSD Analysis: Bearish Pressure Might Push Ethereum Price Below $100 Level

Amandeep Sonewane | Dec. 4, 2018
ETHUSD Analysis: Bearish Pressure Might Push Ethereum Price Below $100 Level

December 04, 2018 AtoZ Markets  - Ethereum price dropped below the $110 support and ETHUSD will most likely test the next key support between $100 and $95 levels. At press time, Ethereum price is trading near $112 mark with 24 hours volume of $89.43 Million in according to CoinMarketCap data.

Ethereum Technical Analysis

Looking at the charts, Ethereum breaks a couple of important resistances near $119 and $120 levels against the USD. The ETHUSD pair failed to break the $119 and $120 resistance and declined recently. The price of the coin traded below the key $109 support to move further into a bearish note. It is now trading well below the $115 resistance and the 100 hourly SMA.

Moreover, the recent low was formed near $104 level and the price of the coin is currently consolidating losses. An initial resistance is near the 23.6% Fibonacci retracement level of the recent decline from the $117 highs to $104 lows. However, the hurdle for the buyers is near the $113 level and the 100 hourly SMA. Also, the trend line is above the 61.8% Fibonacci retracement level of the recent decline from the $117 highs to $104 lows. Therefore, it won’t be easy for buyers to clear the $115 and $121 resistance levels.

In conclusion, Ethereum price is clearly under a lot of bearish pressure below the $114 resistance level. If there is a break below the $104 swing low, the price of the coin might even drop below $100 levels.

On the upside, a break above $115 resistance could push the price of the coin towards $120 zone. Overall, the sentiment is still bearish and traders might experience selling pressure in the near term.

Ethereum Pivot Points

Ethereum price has a significant daily support near $114 levels and resistance near $130 levels.

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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.