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12 December 2018 16:14
Ether's price is slowly bouncing off the US dollar, consolidating above 0.0260BTC. ETH / USD could move further towards $ 94.00 or $ 98.00.
Key points
Ether has formed a solid support near $ 88.00 and recently corrected more recently than the US dollar.
An uptrend line formed with support for $ 88.00 on the 2-hour ETH / USD chart.
ETH / BTC may repeat the 0.0250BTC support level test if it continues to collide with 0.0270BTC.
Technically, the 2-hour chart indicators are currently close to the midline lines in the bearish territory.
Price analysis of the ether
Recently, there was a downward move from the $ 100.32 of ETH / USD. The pair fell below $ 92.00 and $ 90.00, but found a strong buying interest near the $ 88.00 level.
ETH / BTC remained in a narrow range around the 0.0260BTC level. The torque must exceed the resistance levels 0.0270BTC and 0.0275BTC to start a decent recovery towards 0.0300BTC. Otherwise, it could drop to 0.0250BTC before trading higher.
Looking at the 2-hour chart, ETH / USD recently fell below the $ 92.00 support and the Fibonacci retracement level of 50% from the low of $ 82.37 to $ 100.32. However, Ether buyers protected losses below $ 87.00 and thereafter there was solid support near $ 88.00.
The price started a new uptrend and outperformed $ 90.00 and a bearish trendline, with a resistance of $ 89.50 on the same chart. The recent move was positive above the $ 91.00 level and the Fibonacci retracement level of 23.6% from the recent decline from $ 102.32 up to $ 87.36 below.
For the upper side, there are some key barriers for buyers near $ 92.00, $ 94.00 and Fibonacci's 50% retracement level of the recent decline. Above $ 94.00, the price will probably rise to $ 98.00 or even $ 100.00 in the short term.
The 30-minute ETH / USD chart suggests that immediate support is $ 90.00, below which the price could test the $ 88.00 support and a bullish uptrend, with support for $ 88, 00 on the 2-hour chart.
The short-term price action is positive as long as Ether exceeds the support of $ 88.00. The main support under $ 88.00 is near the last low swing at $ 82.00.
Important resistance levels
$ 94.00 and $ 98.00
Important support levels
$ 90.00 and $ 88.00
2 hours RSI
The RSI is currently near level 50.
MACD at 2 hours
The MACD is about to enter 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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