Ethereum Price Weekly Analysis: ETH Remains Sell Near $100 | BTC Cryptocurrency News
Channel: BTC Cryptocurrency News
Date: 2018-12-09

Ethereum Price Weekly Analysis: ETH Remains Sell Near $100

Ethereum price declined heavily this past week versus the US Dollar and Bitcoin. ETH/USD remains in a downtrend as long as it is below $100 and $114.

Ethereum Price Analysis
This past week, ETH price was rejected near the $125-126 resistance zone against the US Dollar. The ETH/USD pair started a significant downside move and traded below the $110, $105 and $100 support levels. There was even a close below $105 and the 100 simple moving average (4-hours). Sellers pushed the price below the $100 and $90 levels. A new yearly low was formed near $80 and later the price corrected higher.

There was a decent correction above the $90 resistance. The price moved above the 23.6% Fib retracement level of the last decline from the $125 high to $80 low. However, the upside correction was capped near the $103-104 area. Moreover, the 50% Fib retracement level of the last decline from the $125 high to $80 low prevented gains. There is also a crucial bearish trend line formed with resistance at $101 on the 4-hours chart of ETH/USD. The pair retreated and moved back below the $100 level. It is currently near $90 and it seems like upsides remain capped near $96 and $99.

The above chart indicates that ETH price is in a major downtrend below the $105 and $114 levels. If the price continues to move down, it could even break the $80 swing low. The next key support is at $72 and $65.

4-hours MACD – The MACD is slowly moving in the bullish zone.

4-hours RSI – The RSI has recovered above the 40 level.

Major Support Level – $80

Major Resistance Level – $101
#BTCCryptocurrencyNews
#BitcoinNews
#BlockchainNews
► THANKS FOR WATCHING & don't forget LIKE, SHARE, COMMENT and SUBSCRIBE our Channel.
► Subscribe: https://goo.gl/RiUxhK
► Like My Page on Facebook: