December 03, 2018 AtoZ Markets – Ethereum price is trading in a range bound zone above $112 level, losing nearly 5% since this time on Sunday. Ethereum, now the third largest coin with a market value of $11 Billion and an average daily trading volume about $1.8 Billion is trading within a range limited by $110 level on the downside and $120 level on the upside.
ETHUSD Pair Technical Analysis
According to the tech chart, after forming a support near the $109-110 level, Ethereum price was corrected higher against the USD. The ETHUSD pair traded above the $115 level and the 100 hourly SMA. However, the price of the coin struggled to break the $119-120 resistance level. As a result, Ether started a fresh decline and traded below the $115 and $112 levels. At the outset, the price is near the 50% Fibonacci retracement level of the last wave from the $98 lows to $125 highs.
Moreover, an initial support is near the $109-110 level. It represents the 61.8% Fibonacci retracement level of the last wave from the $98 lows to $125 highs. If sellers gain momentum below the $109 support area, there could be heavy losses. The next immediate support is near $105 level and the 76.4% Fibonacci retracement level. On the upside, an initial resistance is near the $116 level and the 100 hourly SMA. In addition to this, there is a major bearish trend line in place with resistance at $116 on the hourly chart of ETHUSD pair.
In conclusion, ETHUSD price seems to be under a lot of pressure below the $120 weekly resistance and both trend lines. A successful close above the $119-120 resistance zone is needed to start a decent recovery in the short term. However, it is likely possible that the price of the coin might further decline towards $105 handle in the near term.
Ethereum Daily Pivot Points
Ethereum has a significant daily support near $115 level and resistance near $120 level.
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