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December 17, 2018 16:06
The price of Ether took root above the key resistance against the US dollar. The ETH / USD could extend gains to the next major barriers at $ 98.00 and $ 100.00.
Key points
The price of Ether jumped above the resistance levels $ 85.00 and $ 88.00 against the US dollar.
ETH / USD broke a key bearish trendline with resistance at $ 87.50 on the 2-hour chart.
ETH / BTC seems to form a solid support near the 0.0260BTC level.
Technically, the 2-hour chart indicators have moved further into bullish territory.
Price analysis of the ether
In the weekly analysis, we discussed some important supports for ETH / USD near the levels $ 85.00, $ 82.00 and $ 80.00. The pair stayed above the $ 85.00 support and recently broke the resistance from $ 88.00 and $ 90.00.
ETH / BTC remained in a very small range above the 0.0260BTC support. It appears that the pair is preparing for the next break above 0.0270BTC or versus 0.0250BTC in the short term.
Looking at the 2-hour chart of Eth / USD, the pair adjusted resistance below $ 88.00 and tested the $ 85.00 support. Protected buyers declined below $ 85.00, and the price subsequently rose above the resistance levels $ 88.00 and $ 90.00.
Furthermore, there was a break above a key bearish trendline with resistance at $ 87.50 and the 50 Fibonacci retracement level of the decline from $ 100.32 to $ 82.12. The ether has been trading near the resistance of $ 92.50 and is currently correcting lower.
The first downside support is at $ 87.50 (the previous resistance), below which there is an uptrend line in connection with $ 86.00. Turning to the 30-minute chart of Eth / USD, it seems that buyers have taken control after eliminating the resistance of $ 88.00 and a downtrend line.
The price is consolidating above $ 90.00 and remains supported on dips near $ 90.00, $ 88.00 and $ 87.50. The main support and rotation area is formed at $ 85.00, below which the price could return to a bearish zone.
On the higher side, immediate resistance is $ 92.50 followed by the 61.8 Fibonacci retracement level of the $ 100.32 to $ 82.12 drop. Finally, the key obstacles for a bigger move towards the top are $ 98.00 and $ 100.00.
Important resistance levels
$ 92.50 and $ 98.00
Important support levels
$ 90.00 and $ 88.00
2 hours RSI
The RSI is moving higher towards level 65.
MACD at 2 hours
The MACD is gaining ground 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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