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26 December 2018 16:19
The price of Ether has struggled to move higher, but remained firmly against the US dollar and bitcoin. ETH / USD must break resistance from $ 132.00 and $ 135.00 for an upward extension.
Key points
The price of Ether remained above the key support of $ 120.00 against the US dollar.
A crucial breakout model is formed with support for $ 127.00 on the 30-minute ETH / USD chart.
ETH / BTC holds key support near the 0.0320BTC level.
Technically, the 2-hour chart indicators are slowly moving into bearish territory.
Price analysis of the ether
Yesterday we discussed the importance of the support area of $ 120.00 for ETH / USD. The pair remained well and moved above $ 125.00 and $ 130.00 before the sellers appeared near the $ 139.00-140.00 zone.
ETH / BTC consolidated above the 0.0320BTC support and moved a few points higher. The torque must settle above the 0.0350BTC resistance for a displacement above the 0.0380BTC and 0.0400BTC levels.
Looking at the 2-hour chart of Eth / USD, the pair fell heavily after reaching a new monthly high at $ 161.35 and moved below support levels $ 150.00 and $ 140, 00. However, the decline was protected by the support zone $ 120.00-124.00.
More importantly, there is an uptrend line formed with support for $ 124.00 on the same chart. A strong confluence purchase zone is in place near the trendline, the $ 120.00 support and the 50 Fibonacci retracement level of the uptrend move from the low of $ 82.12 to $ 161.35.
If there was a closing below the $ 120.00 support, the price could fall heavily in the short term. Turning to the 30-minute chart of Eth / USD, the pair recently withdrew from the $ 139.00 zone.
Ether seems to prepare for the next break, with a crucial breakout model and support for $ 128.00. For the top, a break above the resistance of $ 132.00 will likely open the doors for a break up above the resistance of $ 135.00.
The current price action is positive as long as the Ether price exceeds $ 124.00 and $ 120.00. In the short term, there may be consolidation moves before the next break above $ 135.00 or below $ 120.00.
Important resistance levels
$ 132.00 and $ 135.00
Important support levels
$ 124.00 and $ 120.00
2 hours RSI
The RSI is currently moving lower towards level 40.
MACD at 2 hours
The MACD is slightly positioned 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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