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.

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