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Technical analysis

ETHUSD Outlook: Will Ethereum Price Face Bearish Action Below $121 Support?

Amandeep Sonewane | Dec. 27, 2018
ETHUSD Outlook: Will Ethereum Price Face Bearish Action Below $121 Support?

December 27, 2018 AtoZ Markets  - This year has been a rough one for most cryptos but some have fared worse than others. Ethereum is one of those massive sufferers that has lost over 90% since its peak almost a year ago.

At press time, Ethereum price is trading at $125 mark with a 24 hours volume of $118 Million. The coin has a market cap of $13.06 Billion, according to coinmarketcap stats.

Ethereum Technical Analysis

Looking at the charts, there was a minor upside correction above $130 in Ethereum price against the USD. The ETHUSD pair even moved above the $134 mark, but gains were limited. Also, there was even a push above the 23.6% Fibonacci retracement level of the recent drop from the $160 highs to $121 lows. However, the price of the coin struggled to settle above the $135 resistance and later declined.

Moreover, there was a break below the $126 handle and the 100 hourly SMA. However, the price of the coin remained above the $121 support and it is currently consolidating losses. Most importantly, there is a major bearish trend line in place with resistance at $130 on the hourly chart of ETHUSD pair.

A break above trend line and $131 mark might push the price of Ethereum towards the $135 resistance. The main resistance is near $140 and the 50% Fibonacci retracement level of the recent drop from the $160 highs to $121 lows. On the downside, the $121 daily support area holds a lot of importance. If there is a break below $121, the price of the coin might extend declines.

In conclusion, Ethereum price seems to be struggling to regain bullish momentum above $130 and $135 levels in the near term. Therefore, there is a risk of a downside break below $121 handle.

Ethereum Pivot Points

Ethereum price has a significant daily support near $128 levels and resistance near $141 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.