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28 November 2018 16:10
Ether's price rebounded sharply against the US dollar while remaining in the bitcoin range. ETH / USD is facing a tough challenge near the resistance of $ 125.00.
Key points
The sellers of Ether failed to push the price below $ 100.00 against the US dollar.
ETH / USD reorganized and broke above a bearish trend line with resistance to $ 110.00 on the 2-hour chart.
ETH / BTC exchanged in a range and consolidated over the 0.0280BTC support area.
Technically, the 2-hour chart indicators have increased significantly in bullish territory.
Price analysis of the ether
Yesterday we discussed a possible bearish break below the $ 100.00 support if buyers could not push ETH / USD over $ 110.00. The pair remained above the low of $ 101.09 and rebounded above the resistance levels $ 110.00 and $ 115.00.
ETH / BTC remained in a range above the 0.0280BTC support area. It appears that the pair is preparing an upward move if buyers are able to push the price above the resistance level 0.0285BTC.
Starting with the 2-hour chart of Eth / USD, the pair formed a solid support just above $ 101.00 and started an upward move. Ether has risen higher and has broken many resistors, including $ 105.00, $ 108.00, $ 110.00 and $ 115.00.
More importantly, the pair rose above a bearish trend line with resistance to $ 110.00, opening the door for further gains. The price was traded above the Fibonacci retracement level by 50 percent, rising from $ 138.79, fluctuating upwards to $ 101.09 at the bottom.
ETH / USD now negotiates close to a crucial resistance at $ 120.00-121.00. If there was a 2-hour closing above $ 121.00, the price could rise further towards the resistance level $ 128.00 or $ 130.00.
An intermediate resistance is the Fibonacci retracement level of 61.8 percent of the fall and $ 124.00. Turning to the 30-minute chart, the price is clearly following a positive path and a bullish trend line, with current support at $ 116.00.
If there is a downward correction, the price of Ether will probably find strong support near $ 116.00 and $ 115.00. The current price action indicates an uptrend higher than $ 115.00, but the inability to rise above $ 120.00 and $ 121.00 could lead to a new bearish reaction.
Important resistance levels
$ 121.00 and $ 124.00
Important support levels
$ 116.00 and $ 115.00
2 hours RSI
The RSI is currently near level 55.
MACD at 2 hours
The MACD moved sharply into 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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