December 18, 2018 AtoZ Markets - Ethereum, the cryptocurrency that was second in the line in terms of market cap, was recently replaced by Ripple. Ethereum has witnessed a massive drop in both price and market capitalization since then.
According to CoinMarketCap, Ethereum is trading at $93 level, with a market cap of $9.6 Billion. The cryptocurrency has a trade volume of $2.2 Billion and has surged by over 10% in the last 24 hours of trading.
Ethereum Technical Analysis
Looking at the chart, after a minor downside correction from $88 level, Ethereum price found support near $83 mark against the USD. The ETHUSD pair formed a support base near $83 mark and later started a solid upside move. It jumped above the $86 resistance and the 100 hourly SMA. The upside move was strong as the price of the coin even managed to surpass a significant barrier near the $89-90 zone.
Additionally, there was a break above a crucial bearish trend line with resistance at $87 level on the hourly chart of ETHUSD pair. The pair climbed above the $95 level and traded close to $97 level. Etheruem is currently correcting lower below the $95 level.
The price is trading near the 23.6% Fibonacci retracement level of the last wave from the $83 lows to $97 highs. However, there are many supports on the downside near the $89-90 zone. The previous resistance near $90 level is likely to act as a strong support. Besides, the 50% Fibonacci retracement level of the last wave from the $83 swing low to $97 swing high is near $90 handle.
In conclusion, Ethereum price clearly climbed above key hurdles near $90 level, which might now act as support now. On the upside, a break above $96-97 could push the price of Ethereum towards the $100 level.
Ethereum Weekly Pivot Points
Ethereum price has a significant weekly support near $79 levels and resistance near $97 levels.
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