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Technical analysis

ETHUSD Outlook: Will Ethereum Price Decline Below $110 in Near Term?

Amandeep Sonewane | Dec. 28, 2018
ETHUSD Outlook: Will Ethereum Price Decline Below $110 in Near Term?

December 28, 2018 AtoZ Markets  - Ethereum and other cryptocurrencies is trading in bearish trend since the Christmas eve. At press time, the coin is trading at $118 mark with a 24 hours volume of $118 Million. The coin has a market cap of $12.8 Billion, in according to coinmarketcap.com stats.

Since the last week, the price has moved by $ 0.2600 (0.2219%) with a total volume of over $ 1.31 B . The highest price, $ 161.25 , was on Monday, 24 December 2018 at 17:00 GMT while the lowest price, $ 106.88 , was on Friday, 21 December 2018 at 22:00 GMT.

Ethereum Technical Analysis

Looking at the charts, there was a possible downside break below $121 and $118 in Ethereum price against the USD. The ETHUSD pair failed to break the $130 resistance level and started a bearish pull. There was a break below the key $121 support level which opens the doors for more losses in the near term. Ethereum price broke the $118 and $116 support levels, and it settled below the 100 hourly SMA.

Moreover, a low was formed near $112 mark and the price of the coin is currently consolidating losses. An initial resistance is near $117 and the 23.6% Fibonacci retracement level of the recent decline from the $132 highs to $112 lows. Also, yesterday’s key bearish trend line is intact with resistance at $128 on the hourly chart of ETHUSD pair. If the price of the coin corrects higher in the short term, it could face sellers near the $115 and $118 levels. The next resistance is the 50% Fibonacci retracement level of the recent decline from the $132 highs to $112 lows. To recover, the price of Ethereum must break $128, 100 SMA, and the bearish trend line.

To sum up, Ethereum price moved into a bearish zone below the $120 and $123 levels. There might be a short term correction, but the price of the coin might face sellers near $115 and $111 levels. On the downside, the next key support is at $111 and $105 levels.

Ethereum Pivot Points

Ethereum price has a significant daily support near $111 levels and resistance near $130 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.