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Technical analysis

ETHUSD Forecast: Ethereum Price Might Decline Towards $80 Level

Amandeep Sonewane | Dec. 11, 2018
ETHUSD Forecast: Ethereum Price Might Decline Towards $80 Level

December 11, 2018 AtoZ Markets  -  Ethereum, the third-largest cryptocurrency in term of the market cap has stepped back into the bearish trend after a small recovery. Entire cryptomarket turns into a bearish zone after a small correction. Ethereum price dropped below the $100 mark and trending downward into the bearish zone. The price of the coin has dropped 2.12% in the past 24 hours, successfully landing a hit on the bearish zone.

According to CoinMarketCap, the coin was trading at $90 handle with a market cap of $9.5 Billion. Since the last week, Ethereum has dropped by 17.94% with a total volume of over $ 829.36 Million. The coin hits its highest price of $113.60 on 04 December 2018 at 17:00 GMT while the lowest price, $ 82.08, was on 07 December 2018 at 05:00 GMT.

Ethereum Technical Analysis

Looking at the charts, after failing to clear the $98 resistance zone, Ether price started a fresh decline against the USD. The ETHUSD pair traded lower and broke the $95 and $92 support levels. It opened the doors for more losses and the price settled below $90 and the 100 hourly SMA. At the moment, the price of the coin is trading near a major daily support area at $89 levels, below which there could be a solid drop to $80 levels.

More importantly, yesterday’s highlighted key contracting triangle is intact with current support at $88 on the hourly chart of ETHUSD pair. On the upside, an initial resistance is near the $96 level. It represents the 50% Fibonacci retracement level of the last decline from the $98 highs to $88 swing lows. The triangle resistance is near the $94 handle, which is a crucial hurdle for the buyers. The 61.8% Fibonacci retracement level of the last decline from the $98 high s to $88 swing lows is also near $94 handle.

In conclusion, Ethereum price seems to be facing many hurdles near the $94 and $96 levels. Above $94 mark, the main resistance is near the $100 level. Therefore, the price of the coin might extend losses if buyers fail to gain pace above $94 and then $98. On the downside, Ethereum price is most likely to decline towards $80 levels in the near term.

Ethereum Daily Pivot Points

Ethereum price has a significant daily support near $90 levels and resistance near $96 levels.

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