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30 November 2018 16:17
The price of Ether is under pressure below $ 120.00 compared to the US dollar. It is likely that ETH / USD will decrease to the support area of $ 110.00 or $ 108.00.
Key points
The price of Ether failed to maintain support for $ 115.00 and declined against the US dollar.
ETH / USD is following a declining channel with resistance to $ 117.00 on the 2-hour chart of Eth / USD.
ETH / BTC recovered and moved above the 0.0280BTC support.
Technically, the 2-hour chart indicators moved sharply in the bearish territory.
Price analysis of the ether
Yesterday we discussed an important support near the levels of $ 116.00 and $ 115.00 for ETH / USD. The pair has moved recently and buyers have failed to protect the key support for $ 115.00.
On the other hand, ETH / BTC found support near the 0.0278BTC level and subsequently corrected higher. The pair moved higher and exceeded the resistance levels of 0.0280BTC and 0.0281BTC.
Starting from the 2-hour chart of Eth / USD, the pair failed to settle above the resistance area of $ 125.00-126.00 and subsequently started a downward move . The pair fell and traded below support levels $ 120.00 and $ 115.00.
The price was also traded below the Fibonacci retracement level of 38.2 percent from the low of $ 101.09 to $ 126.78. The sellers took control and pushed Ether to the $ 112.00 support and the Fibonacci 50% retracement level of the move up.
An intraday low is $ 112.05 and the price is currently following a declining channel, with a resistance of $ 117.00 on the same chart. Turning to the 30-minute ETH / USD chart, the pair is currently consolidating losses above the $ 112.00 support.
On the upside, there is a key barrier for shoppers near the $ 115.00 level, above which the price could test a bearish link trend line, with resistance at $ 117.00.
If Ether remains above the resistance levels of $ 115.00 and $ 117.00, the price may return to a positive zone. Otherwise, ETH / USD will most likely drop below the support of $ 112.00 and test the next key support for $ 110.00 or $ 108.00.
Important resistance levels
$ 115.00 and $ 117.00
Important support levels
$ 112.00 and $ 110.00
2 hours RSI
The RSI has moved sharply to level 30.
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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