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20 December 2018 16:17
The price of Ether extended the gains and traded the new weekly highs against the US dollar and bitcoin. The ETH / USD remains supported near $ 105.00 and could trade towards $ 115.00 and $ 125.00.
Key points
The price of Ether deepened further and reached a new weekly high for $ 112.24 against the US dollar.
An uptrend line formed with support close to $ 105.00 on the 2-hour ETH / USD chart.
ETH / BTC tested the resistance area 0.0280BTC and subsequently corrected below.
Technically, the 12-hour chart indicators are about to enter the bullish territory.
Price analysis of the ether
Yesterday we discussed that downturns in ETH / USD remain attractive for buyers above $ 100.00. The pair adjusted a few points from $ 109.26, but found support and rebounded above $ 110.00.
ETH / BTC also extended gains and traded above the resistance of 0.0280BTC. However, it failed to maintain strength and subsequently corrected below below 0.0275BTC and 0.0270BTC. The next support is at 0.0265BTC, where buyers are likely to appear.
Starting with the 12-hour chart of Eth / USD, the pair has exceeded the key resistance of $ 100.00, a crucial trendline bearish and the Fibonacci retracement level at $ 23.6 from 182.06 (maximum 19 November 2018) at 82.12%.
The current price action is very positive and it seems that the next major obstacle for buyers is close to the $ 125.00 level, above which the price could test the 50 Fibonacci retracement level of the decline from $ 182.06 to $ 82.12, near $ 132.00.
Coming down to the 2-hour chart, there is a solid uptrend from the low of $ 82.12. Ether recently traded a new weekly high at $ 112.24 and is consolidating gains.
Initial support is $ 108.00, followed by an uptrend line formed with support close to $ 105.00. Therefore, a downward correction towards $ 105.00 is likely to find a strong buying interest.
To sum up, there are many positive signs visible on both charts and a sustained move above the $ 115.00 level will most likely push Ether towards the resistance of $ 125.00. The downside, $ 108.00 now becomes immediate support to defend, which in the event of a break could drag ETH / USD back to test the $ 105.00 support.
MACD at 12 hours
The MACD is slowly entering the bullish zone.
12 hours of CSR
The RSI is currently near level 50.
Important support levels
$ 108.00 and $ 105.00
Important resistance levels
$ 112.00 and $ 115.00
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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