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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