Market Cap:
BTC Dominance:
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.

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, nor should they be attributed to AtoZMarkets.