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ETHEREUM (ETH) Morning Analysis 12-02-2018

  • ETH price has formed a decent support base at $770 and is currently moving higher against the US Dollar.
  • There was a break above a short term bearish trend line with resistance at $800 on the hourly chart of ETH/USD.
  • The pair is likely to gain upside momentum and it could soon move above the $860 resistance.

Ethereum price is moving nicely in the bullish zone against the US Dollar and Bitcoin. ETH/USD is currently gaining pace and it could move above the $860 level.

Ethereum Price Support Base

 

The price of ETHEREUM continues to fluctuate around $848.14 after attempting to breach it in the past few days to remain stable below it, noting that the price has broken the support of the ascending intraday channel, which supports the continuation of the downside movement, whose targets start at $712.00.

SMA 50 is a continuous negative pressure against the pair to support the expected decline, which will remain intact unless $848.14 is breached and stability above it.
There were a couple of swing moves in ETH price from the $840 level against the US Dollar. The price traded towards the $760-770 support area where buyers prevented declines on many occasions. A support base was formed near $770 and the price started an upside move. It traded above the $780 resistance and the 23.6% Fib retracement level of the last decline from the $897 high to $768 low.

More importantly, there was a break above a short term bearish trend line with resistance at $800 on the hourly chart of ETH/USD. The pair is now closing towards the $840 resistance and is currently trading near the 100 hourly simple moving average. At present, the pair is testing the 50% Fib retracement level of the last decline from the $897 high to $768 low. A break above the $840 and $850 resistance levels could ignite further gains in the near term. The next resistance could the $890 zone and the $897 high.

On the downside, an initial support is at $800 and the 100 hourly SMA. However, the most important support remains near the $760-770 zone.

Hourly MACD – The MACD is moving higher and gaining pace in the bullish zone.

Hourly RSI – The RSI has just moved above the 50 level and is gaining momentum.

Major Support Level – $770

Major Resistance Level – $850

 

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