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25 December 2018 15:54
The price of Ether started a downward correction after a solid upward push against the US dollar and bitcoin. The ETH / USD remains bullish as long as it is more than $ 120.00.
Key points
The price of Ether dropped sharply after testing the resistance of $ 160.00-165.00 against the US dollar.
An uptrend line is formed with support for $ 120.00 on the 6-hour chart of Eth / USD.
ETH / BTC started a downward correction and refused to support 0.0320BTC.
Technically, the 6-hour chart indicators have been corrected further down the midline in bullish territory.
Price analysis of the ether
Yesterday we discussed the importance of the resistance area of $ 165.00 for ETH / USD. The pair passed the resistance of $ 155.00, but failed to test the resistance of $ 165.00. A high was formed at $ 161.35 and thereafter the price dropped sharply.
ETH / BTC were also exchanged above the 0.0350BTC support. Subsequently, the pair started a downward correction and traded below the 0.0340BTC and 0.0330BTC levels. The next key support is at 0.0320BTC, followed by 0.0300BTC.
Starting with the 6-hour chart of Eth / USD, the pair followed a significant uptrend over $ 100.00 and $ 120.00 levels. The recent move was strong as the price even exceeded the $ 150.00 barrier.
However, the price suffered strong resistance near the $ 160.00-165.00 zone and subsequently began a downward correction. It fell below $ 140.00 and the Fibonacci retracement level to 23.6 of the upward move from the low of $ 82.12 to a maximum of $ 161.35.
The ether is currently trading close to the support levels $ 125.00 and $ 128.00, below which is a strong support zone close to $ 120.00 and a bullish uptrend . More importantly, the 50 Fibonacci retracement level of the move up is also around the $ 122.00 level.
Therefore, if the price continues to fall, you are likely to find a solid buying interest near the $ 120.00 level. Turning to the 2-hour chart of Eth / USD, the pair is testing the support of $ 125.00 and a short-term uptrend line.
The general price action is still bullish on the 6-hour chart provided that ETH / USD is above $ 120.00. For the top, the first resistance is $ 135.00, followed by $ 140.00.
Important resistance levels
$ 135.00 and $ 140.00
Important support levels
$ 125.00 and $ 120.00
6 hours RSI
RSI is currently testing level 50.
MACD at 6 hours
The MACD has reduced most of its bullish bias.
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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