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ETHUSD Analysis: Ethereum Price Might Drop Below $85 Support

ETHUSD Analysis: Ethereum Price Might Drop Below $85 Support

December 13, 2018 AtoZ Markets   Ethereum, the third-largest cryptocurrency in term of the market cap has stepped back into the bearish trend. Ethereum price is trading near the $90 mark and hovering at the range bound zone. The price of the coin has dropped 0.24% in the past 24 hours, successfully landing to hit the daily support zone.

Ethereum Technical Analysis

Ethereum chart on yesterday shows that there was a decent support formed near $95 level in ETH price against the USD. The ETHUSD pair started a short term upside correction and traded above $88 and $90 levels. Also, there was a break above the 23.6% Fibonacci retracement level of the last slide from the $98 highs to $85 lows. However, the price of Ether failed to gain traction above the $90 level and the 100 hourly SMA.

The price of the coin was rejected near the 50% Fibonacci retracement level of the last slide from the $98 swing highs to $85 swing lows. Additionally, this week’s followed important bearish trend line is active with resistance at $90 level on the hourly chart of ETHUSD pair. The pair retreated from the $91-92 zone and declined below the $90 level. At the moment, it seems like the price of the coin might continue to decline towards the $85 support level. If there is a downside extension, the price of Ethereum might revisit the $82 support zone. On the upside, a close above the $92 level and the 100 hourly SMA is needed for a bullish break.

In conclusion, Ethereum price is clearly trading near a major turning point above $88.7 daily support. If it fails to surge higher, it might even break $85.5 and drop towards the $82- 80 zone.

Ethereum Pivot Points

Ethereum price has a significant daily support near $86 levels and resistance near $93 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 Markets.com, nor should they be attributed to AtoZMarkets.

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