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22 December 2018 14:54
The price of Ether has been corrected to below $ 112.00 against the US dollar, while it has extended gains over bitcoins. ETH / USD holds key media and may recover.
Key points
The price of Ether has dropped and tested the support of $ 108.00-110.00 against the US dollar.
A declining channel is formed with resistance to $ 115.00 on the hourly chart of Eth / USD.
ETH / BTC broke the resistance of 0.0285BTC and can extend gains to 0.0292BTC or 0.0295BTC.
Technically, the hourly chart indicators are currently well above the midline lines in bullish territory.
Price analysis of the ether
Yesterday we saw the start of a downward correction in ETH / USD starting at $ 120.84. The pair fell below support levels of $ 115.00, $ 112.00 and $ 110.00 before buyers appeared close to $ 108.00.
On the other hand, ETH / BTC remains in a bullish zone above the 0.0280BTC support. The pair was exchanged above the 0.0285BTC resistance and may continue to move higher towards 0.0292BTC or 0.0295BTC.
The hourly chart of ETH / USD suggests that the pair has undergone a significantly lower correction after forming a short maximum at $ 120.84. He even broke the support of $ 110.00, but buyers managed to defend losses below $ 108.00. A solid support base has been created. Later, the price rebounded above $ 110.00 and $ 112.00.
However, Ether failed to break the $ 115.50 level and a declining channel with current resistance at $ 115.00. The price is currently falling, but there is a strong support format close to $ 110.00, $ 108.00 and a bullish trendline on the same chart.
Turning to the 6-hour ETH / USD chart, the pair made a couple of attempts to cancel $ 120.00, but failed and subsequently corrected below. It traded below the Fibonacci retracement level of 23.6 of the recovery from $ 82.12 to $ 120.84.
The recent decline found support near a bullish trend line, with current support at $ 110.00. If Ether settles below the support levels of $ 110.00 and $ 108.00, it could test the next major support near $ 100.00 and the 50 Fibonacci retracement level of the recovery from $ 82.12 to $ 120 , 84.
The current price action indicates a new upward move if ETH exceeds the resistance level of $ 115.00. Otherwise, there is a risk of a prolonged decline to $ 105.00 or $ 100.00.
Important resistance levels
$ 115.00 and $ 120.00
Important support levels
$ 110.00 and $ 108.00
RSI timetable
The RSI is currently near level 55.
MACD time
The MACD is slightly in 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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