Prediction of Ethereum prices: can ether reach a bullish rise?

December 16, 2018 15:22

Key points

The price of Ether probably had a double low near $ 82.00 compared to the US dollar.

The ETH / USD broke a bearish trend line with resistance at $ 84.00 on the 6-hour chart.

ETH / BTC is slowly rising to the resistance level of 0.0270BTC.

Technically, the 2-hour chart indicators have increased significantly and moved into bullish territory.

Weekly analysis of the price of the ether

Recently, there was a new decline in the ETH / USD under the last low swing at $ 82.37. The pair was trading at a new low for several months at $ 82.12. However, the sellers failed to keep up under $ 82.00, with a short term recovery of over $ 85.00.

ETH / BTC remained above the 0.0260BTC support and there was no bearish pause versus 0.0250BTC. The pair is currently correcting higher towards the 0.268BTC and 0.0270BTC resistors, above which the pair could rally towards 0.0280BTC.

Let's start with the 6-hour ETH / USD chart to understand the recent price action over the $ 82.00 support area. After reaching a minimum of $ 82.37, the price recovered above $ 90.00 and $ 95.00. However, the price failed to overcome the obstacles of $ 98.00 and $ 100.00, leading to a new decline.

Ether refused heavily and broke support levels $ 92.00 and $ 88.00. More importantly, there was a break below the minimum of $ 82.37 and the price was trading at a new low for several months at $ 82.12. On the positive side, there was a sharp drop below $ 82.00; later the price recovered.

There seems to be a double bottom forming above the $ 82.00 support. Buyers have recently pushed the price above a bearish trend line with resistance at $ 84.00 on the same chart. The 2-hour chart also suggests some positive signs above the $ 85.00 level.

The price broke a declining channel at $ 84.00, a bearish trendline at $ 86.00 and the Fibonacci retracement level at 23.6 from the last decline from $ 100.32 to $ 82.12. However, there are many barriers for shoppers close to $ 88.00, $ 90.00 and the 50 Fibonacci retracement level of the last straw.

Altogether, the price of Ether must exceed the resistance of $ 90.00, followed by the cancellation of the key barriers to $ 98.00 and $ 100.00 to begin a convincing recovery. The main supports on the negative side are $ 85.00, $ 82.00 and $ 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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