The bulls continue to defend the price of ETH above $ 100 – Can the momentum change in their favor in December?

• Ethereum had seen a significant drop in prices of over 56% from high to low in November 2018, creating new 18-month lows.
• The ETH / USD continues its battle to stay above the $ 100 handle.
• Support in progress: $ 110, $ 108, $ 106, $ 100, $ 90, $ 84.03.
• Resistance going forward: $ 121.89, $ 132.28, $ 135.68, $ 148.23, $ 150, $ 162.72, $ 181.88, $ 197, $ 200.

Ethereum has seen another fall in the price of 1.33% in the last 24 hours of trading while the cryptocurrency is now trading at a price of around $ 112 at the time of writing. The market has seen a solid stabilization in the previous 7-day trading period in which the price action recorded a slight increase of 5.64%.

This small 7-day price increase comes after a month of sustained sales that saw Ethereum lose a gruesome 44% in the last 30 trading days. The decentralized platform is now ranked 3rd in the ranking of market capitalisations and has a total market capitalization of approximately $ 11.5 billion.

Furthermore, the 40-month project has seen prices fall by over 51% over the last 90 trading days Ethereum it now trades at a value of 91% lower than the all-time high price seen earlier in the year.

We continue to analyze the long-term ETH / USD price action and assess market behavior.

Price analysis of Ethereum

ETH / USD – LONG TERM – DAILY TABLE

From the long-term perspective above, we can clearly see the extension of the turbulent exchange period for Ethereum. The market has been steadily declining throughout the year and has recently placed new 18-month lows in November 2018.

In our previous analysis of Ethereum prices, we had outlined a symmetrical triangle that ETH / USD had negotiated for more than 3 months. We can see that while market capitulation begins in mid-November 2018, price action has fallen below the lower boundary of the triangle.

The market continued to fall further, falling below the expected support at $ 181 and $ 148. The ETH / USD reached a low of $ 102 in November 2018, not quite touching the support provided at the level bearish 1.618 Fibonacci Extension (green extract) priced at $ 100.46.

We continue to take a closer look at the ETH / USD and proceed to highlight any areas of potential support and resistance.

ETH / USD – SHORT TERM – DAILY DAILY

By analyzing the ETH / USD from a closer perspective, we can see that in November 2018 the ETH / USD had fallen from a level above $ 225 to a minimum of $ 102.20, a loss of around 55% from low to high.

The market decline had come close to a support area combined with 2 levels of downward Fibonacci 1.618 extension (drawn in orange and purple), priced at $ 108.08 and $ 106.98, respectively.

When the ETH / USD reached this combined support area, the bulls began to re-enter the market, preventing price action from further approaching the elusive $ 100 handle.

We can also note that in the last 10 trading days the Ethereum market has been trading in a narrow range, trading mainly between the $ 125 and $ 106 handles.

Looking to the future, if buyers within the market can increase their aggressiveness and start pushing price action higher, we can expect that the immediate resistance above is localized on the short-term side of 1.414. and 1,272 levels of extension of FIbonacci (drawn in purple), priced at $ 121.89 and $ 132.28 respectively.

A resistance higher than this can be located at the average 1.414 Fibonacci Extension level (drawn in orange) for $ 135.68.

If the bulls can continue to exceed $ 140, we can expect more resistance to be at the downside levels of Fibonacci .382 and .5 (drawn in red), priced at $ 148.23 and $ 162.72, respectively. This Fibonacci retracement is measured by the entire market decline observed in November 2018.

Further greater resistance can be found at the previous long-term downside 1,272 Fibonacci extension level (drawn in green) at the price of $ 181.88, followed by the September 2017 low to $ 197.73.

On the other hand, in our bearish profile, if sellers continue to put pressure on the market below the support identified at $ 106 during the month of December 2018, we can expect significant underlying support to be at the extension level. 1,618 Downward-looking FIbonacci (drawn in green) for $ 100.46.

The $ 100 handle is also a big psychological obstacle to penetrate below, as traders will defend as few numbers as possible.

If ETH / USD manages to break below the $ 100 Schelling point, then we can expect further support below the $ 90 handle, followed by more support at the mid-level 1.414 Fibonacci Extension level. (drawn in blue) for $ 84.03.

The RSI has emerged from the conditions of extreme oversold as it makes its way to the handle 50. However, until the RSI does not exceed the level 50, we can only assume that the sellers maintain control of the market.

We continue to quickly analyze Ethereum against Bitcoin in the short term and highlight any potential support and resistance areas in the future.

ETH / BTC – SHORT TERM – DAILY TABLE

For a long-term perspective on ETH / BTC, we recommend that you revisit ours previous analysis of Ethereum.

ETH / BTC also experienced a worrying month in November 2018 when the market fell from a maximum of 0.034036 SATS to a minimum of 0.027310 SATS, a fall in prices of 19.6%. The market downturn had found support towards the end of November 2018 at a short-term downtrend 1.414 Fibonacci extension (drawn in purple) at the price of 0.027353 SATS before the downtrend stopped.

ETH / BTC now negotiates with the resistance provided by the Fibonacci .886 retracement level (drawn in green) at a price of 0.028157 SATS.

Looking to the future, if buyers can cause price action to overcome this level of resistance, a higher resistance can be found at the previous long-term discount level 1.414 Fibonacci Extension (drawn in blue) priced at 0.029025 SATS .

If the bulls can continue to progress even higher above 0.029025, we can expect that a further resistance above is localized to the previous Fibonacci retracement levels of 0.618 and 0.5, drawn in green, respectively at 0, 031023 SATS and 0.032284 SATS.

Alternatively, in our bearish scenario, if sellers get together and start pushing the price action again for ETH / BTC again, we can expect the immediate support below to be on the downside 1.414 FIbonacci Extension level (drawn in purple) priced at 0.027353 SATS, followed by further psychological support to the number of 0.027000 SATS round-rounds.

If bear pressure prices are less than 0.027, additional support can be provided below the Fibonacci 1.618 extension level (drawn in purple) at a price of 0.025867 SATS.