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26 November 2018 16:16
The recovery of Ether's prices is facing many obstacles against the US dollar and bitcoin. The ETH / USD may decrease again as long as it will be less than $ 120.00.
Key points
The price of Ether recovered and tested the previous support at $ 120.00 against the US dollar.
A crucial bearish trendline is formed with resistance to $ 115.00 on the 2-hour chart of Eth / USD.
ETH / BTC is correcting higher towards the resistance level 0.0290BTC.
Technically, the 2-hour chart indicators are falling in bearish territory.
Price analysis of the ether
In the weekly analysis, we saw a strong rebound of the Ethics / USD starting from the minimum swing of $ 101.09. The pair rose above $ 105.00, $ 110.00 and $ 115.00 levels, but had to face strong resistance near the $ 120.00 level.
ETH / BTC also initiated a decent upward correction and exceeded the 0.0285BTC level. However, the pair is approaching a couple of major obstacles near the 0.0290BTC and 0.0292BTC levels.
Starting with the 2-hour chart of Eth / USD, the pair fell heavily towards the $ 100.00 support and stood at a low of $ 101.09. Later, there was a sharp correction above the resistance levels of $ 105.00, $ 110.00 and $ 115.00. The price also moved above the Fibonacci retracement level of 23.6 percent from the recent decline from a low of $ 138.78 to a low of $ 101.09.
However, the price met with greater resistance near the $ 120.00 level (previous support). The Fibonacci 50% retracement level of the recent decline also prevented gains of over $ 120.00 and $ 122.00.
More importantly, there is a crucial bearish trendline formed with resistance at $ 115.00 on the same chart. Ether clearly failed to overcome the resistance of $ 120.00 and is currently following the same downtrend line.
During the recent downturn, there was a rupture under an uptrend line, with support for $ 115.00 on the 30-minute chart. The price of Ether has tested the support of $ 107.00 and is currently consolidating losses.
On the upper side, an immediate resistance is $ 114.00, above which Ether must break resistance levels $ 115.00 and $ 120.00 to begin a solid short-term recovery. Otherwise, there is a risk of further losses of less than $ 105.00 and $ 100.00.
Important resistance levels
$ 115.00 and $ 120.00
Important support levels
$ 105.00 and $ 100.00
2 hours RSI
The RSI is well below the level 35.
MACD at 2 hours
The MACD is gaining ground in the bearish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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