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10 December 2018 15:54
The price of Ether has corrected higher than the US dollar, while it has been traded in a range against bitcoins. The ETH / USD could rise higher if it stays above the $ 90.00 support.
Key points
Ether has recovered recently, but failed to overcome the $ 100.00 barrier against the US dollar.
ETH / USD was traded above a bearish trend line with resistance at $ 92.00 on the 2-hour chart.
ETH / BTC is struggling to move above the 0.0265BTC and 0.0270BTC levels.
Technically, the 2-hour chart indicators are currently close to the midline lines in the bearish territory.
Price analysis of the ether
After forming the minimum of $ 82.37, the ETH / USD started an upward correction. It exceeded the resistance levels $ 92.00 and $ 95.00, but buyers struggled to overcome the $ 100.00 barrier.
ETH / BTC is currently close to 0.0260BTC support and it appears that the pair is trying to exceed 0.0265BTC and 0.0270BTC levels. A bearish break below 0.0260BTC could push the price towards 0.0250BTC.
The current price action on the 2-hour chart of Eth / USD suggests some positive signs above the $ 90.00 support. The pair recently passed the $ 92.00 and $ 95.00 levels to enter a bullish zone. Also, there was a break above an important bearish trend line with resistance at $ 92.00.
The price traded up to $ 100.32 and subsequently corrected lower. It has moved below the $ 95.00 level and the Fibonacci retracement level of 23.6% from the recent rebound from the low of $ 82.37 to that of $ 100.32.
However, Ether buyers protected losses below the $ 91.00 level and the Fibonacci retracement level to 50% of the recent rebound. There appear to be many bearish formats, starting at $ 90.00, followed by $ 86.00 and $ 82.50.
Going down to the 30-minute chart of Eth / USD, there is a short-term breakout pattern, with a resistance close to $ 93.00 and support at $ 92.00. A positive closing above $ 93.00 may clear the path for an upward extension towards the resistors of $ 95.00 and $ 98.00. In contrast, a downward break below $ 92.00 and $ 90.00 may require further reductions towards $ 86.00.
Overall, there are some bullish signals on the 2-hour chart as long as Ether remains above $ 90.00. That said, the price must break the key obstacle close to $ 100.00-102.00 for a sustained recovery.
Important resistance levels
$ 98.00 and $ 100.00
Important support levels
$ 90.00 and $ 86.00
2 hours RSI
The RSI is stable near level 45.
MACD at 2 hours
The MACD is currently flat in the bearish 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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