December 10, 2018 3:54 PM
Ether’s price corrected higher against the US dollar while it traded in a range versus bitcoin. ETH/USD might climb higher if it stays above the $90.00 support.
Ether recovered recently, but it failed to break the $100.00 barrier against the US dollar.
ETH/USD traded above a major bearish trendline with resistance at $92.00 on the 2-hour chart.
ETH/BTC is struggling to move above the 0.0265BTC and 0.0270BTC levels.
Technically, the 2-hour chart indicators are currently near midlines in the bearish territory.
Ether Price Analysis
After forming the $82.37 low, ETH/USD started an upside correction. It traded above the $92.00 and $95.00 resistance levels, but buyers struggled to surpass the $100.00 barrier.
ETH/BTC is currently near the 0.0260BTC support and it seems like the pair is struggling to move above the 0.0265BTC and 0.0270BTC levels. A downside break below 0.0260BTC could push the price toward 0.0250BTC.
The current price action on the 2-hour chart of ETH/USD suggests a few positive signs above the $90.00 support. The pair recently climbed above the $92.00 and $95.00 levels to enter a bullish zone. Besides, there was a break above a major bearish trendline with resistance at $92.00.
The price traded as high as $100.32 and later corrected lower. It moved below the $95.00 level and the 23.6 percent Fibonacci retracement level of the recent rebound from the $82.37 low to $100.32 high.
However, Ether buyers protected losses below the $91.00 level and the 50 percent Fibonacci retracement level of the recent rebound. It seems like there are many supports formed on the downside, starting with $90.00, followed by $86.00 and $82.50.
Dropping down to the 30-minute chart of ETH/USD, there is a short term breakout pattern forming, with resistance near $93.00 and support at $92.00. A successful close above $93.00 may clear the path for an upside extension toward the $95.00 and $98.00 resistances. Conversely, a bearish break below $92.00 and $90.00 may call for further declines toward $86.00.
Overall, there are a few bullish signs on the 2-hour chart as long as Ether stays above $90.00. Having said that, the price must break the key hurdle near $100.00-102.00 for a sustained recovery.
Important Resistance Levels
$98.00 and $100.00
Important Support Levels
$90.00 and $86.00
The RSI is stable near the 45 level.
The MACD is currently flat in the bearish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.