December 13, 2018 4:12 PM
Ether’s price could find support if it declines against the US dollar and bitcoin. ETH/USD must stay above $88.00 to climb higher in the near term.
Ether’s price is holding the key support at $88.00 against the US dollar.
There are major hurdles formed near $92.80 and $98.00 on the 2-hour chart of ETH/USD.
ETH/BTC is slowly moving higher toward the 0.0270BTC resistance level.
Technically, the 2-hour chart indicators are struggling to move into the bearish territory.
Ether Price Analysis
During the past three sessions, there were mostly range moves above the $88.00 support in ETH/USD. The pair recently retreated from the $92.82 high, but it stayed above the key $88.00 support.
ETH/BTC formed a support base near 0.0260BTC and is currently recovering toward the 0.0265BTC and 0.0270BTC resistance levels. On the downside, supports are at 0.0260BTC and 0.0258BTC.
Starting with the 2-hour chart of ETH/USD, there are a few positive signs above the $88.00 support and a crucial bullish trendline. However, there are many hurdles on the upside, starting with $92.50 and a bearish trendline.
Should Ether break the bearish trendline, it could climb toward the $95.00 level and the 50 percent Fibonacci retracement level of the drop from the $102.32 high to $87.36 low. However, the key resistance is near the $98.00 and $100.00 levels, above which the price will most likely enter a decent uptrend.
Moving down to the 30-minute chart of ETH/USD, the pair recently broke a bearish trendline at $90.00, opening the doors for an upside push. To the topside, there is a strong barrier formed near the $92.20 and $92.80 levels.
On the downside, an initial support is at $90.00 and a bullish trendline on the same chart. The main support is at $88.00, below which there is a risk of a sharp decline toward $82.00 or even $80.00.
Overall, the 2-hour chart shows that Ether keeps holding above a mild bullish 20 SMA and the bullish trendline, which is positive in the short term.
Important Resistance Levels
$92.80 and $95.00
Important Support Levels
$90.00 and $88.00
The RSI is stable near the 45 level.
The MACD is currently flat in the bearish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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