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18 December 2018 16:15
The price of Ether is back in a bullish zone compared to the US dollar, while it is consolidating against bitcoins. The ETH / USD may continue to level up once buyers have emptied $ 98.00 and $ 100.00.
Key points
The price of Ether extended the gains and tested the resistance zone of $ 98.00 against the US dollar.
It is likely that the ETH / USD will rise further above $ 98.00, $ 100.00 and $ 105.00.
ETH / BTC is slowly moving higher towards the 0.0270BTC resistance level.
Technically, the 6-hour chart indicators are currently close to the midline lines in the bullish territory.
Price analysis of the ether
Yesterday we discussed the fact that the ETH / USD rally could extend to $ 98.00. The pair moved higher, breaking resistance levels of $ 92.50 and $ 96.00 and testing the $ 98.00 stumbling block in which sellers emerged.
ETH / BTC remained well supported above the 0.0260BTC support. The pair is currently moving higher towards the 0.0270BTC resistance, above which there may be a strong upward movement towards 0.0280BTC and 0.0285BTC.
The 6-hour chart of the ETH / USD shows many positive signs above the $ 90.00 level. The pair probably formed a short low at $ 82.12 and started a solid upward move above $ 85.00 and a crucial bearish trendline.
There was a net break above the resistance of $ 92.00 and the Fibonacci retracement level to 23.6 from the $ 126.77 to $ 82.12 drop. However, the price occurred in a major resistance area at $ 98.00-100.00. A new weekly maximum was formed at $ 98.49; the price later corrected below.
The price was trading below the support of $ 95.00, but the previous high swing around $ 93.50 represented a decent support along with the Fibonacci retracement level of 38.2 from the recent $ 82 hike, 12 to $ 98.49.
At the top, a downtrend line on the 2-hour chart behaves like an obstacle near $ 96.80. A successful break above the trendline and $ 98.00 could clear the path for a $ 100.00 test. The current technical structure on the 2-hour chart indicates that Ether will likely extend earnings over $ 98.00 and $ 100.00 in the short term.
Should there be a downward correction, ETH will probably find a strong buying interest near $ 93.00, below which the price could test the $ 88.00 support.
Important resistance levels
$ 98.00 and $ 100.00
Important support levels
$ 93.00 and $ 88.00
6 hours RSI
RSI is consolidating close to level 50.
MACD at 6 hours
The MACD is gaining momentum in the bullish 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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