Prediction of Ethereum prices: Ether reacts near the crucial support of $ 100

25 November 2018 14:39

Key points

The price of Ether collapsed and fell below $ 120.00 and $ 110.00 against the US dollar.

A large bearish trend line is formed with a resistance of $ 120.00 on the 2-hour chart of Eth / USD.

ETH / BTC tested the support level 0.0280BTC and subsequently corrected higher.

Technically, the 12-hour chart indicators are heavily positioned in the bearish territory.

Price analysis of the ether

Ultimately, we discussed the fact that ETH / USD remains a sale after it has stabilized below the $ 130.00 and $ 125.00 levels. Subsequently, the pair gained bearish momentum and broke support levels of $ 120.00 and $ 110.00.

ETH / BTC also had to face renewed sales pressure and rejected the support level of 0.0280BTC, where buyers emerged. Subsequently, the pair was corrected above 0.0282BTC and is currently traded near 0.0285BTC.

The 12-hour ETH / USD chart suggests that the pair started a strong bearish wave starting at $ 223.86. Over the last few days it has declined by over $ 100.00 and has created many bearish patterns to resume its decline.

Recently, he formed a bearish model, with support close to $ 130.00. The ether was traded below the $ 130.00 support and fell heavily below the $ 120.00 and $ 110.00 support. He negotiated near the impressive $ 100.00 support and formed a new multi-month low for $ 101.09.

Subsequently, the price returned abruptly and exceeded the $ 110.00 level. The 2-hour chart of ETH / USD indicates that there was a strong buying interest near $ 100.00, resulting in a shift to the top. The price was also traded above the $ 115.00 level and the Fibonacci retracement level of 23.6% from the recent decline from $ 147.06 in high to $ 101.09 in low.

However, there is a crucial resistance formed near $ 118.00 and $ 120.00 (previous supports). Beyond that, there is an important bearish trend line, with resistance at $ 120.00, on the same chart.

To bounce and start a decent, confident wave, the price must break the resistance of $ 120.00. The next resistance is close to the $ 125.00 level and the Fibonacci 50% retracement level of the recent decline.

Therefore, a convincing 2-hour closing greater than $ 120.00 and $ 125.00 could open the door to a decent recovery in the short term. On the downside, the $ 100.00 support is very important, below which Ether could drop to $ 80.00.

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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