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Technical analysis

ETHUSD Outlook: Ethereum Price Might Gain Momentum Above $97 Resistance

Amandeep Sonewane | Dec. 18, 2018
ETHUSD Outlook: Ethereum Price Might Gain Momentum Above $97 Resistance

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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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 Markets.com, nor should they be attributed to AtoZMarkets.