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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