Categories: Ethereum

Ethereum Price Forecast: Ether Comeback Could Be In The Cards

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Key Highlights

Ether’s price managed to stay above the $105.00 support and recovered against the US dollar.

Technically, the 2-hour chart indicators are slowly recovering higher in bearish territory.

Ether Price Analysis

Yesterday, there was a bearish reaction below the $108.00 support in ETH/USD. The pair even broke the $106.00 support, but it quickly bounced back above the $105.00 pivot level to start a short-term rebound.

ETH/BTC declined further and tested the 0.0305BTC support, where buyers emerged. The pair corrected higher and is currently consolidating below the 0.0310BTC and 0.0312BTC resistance levels.

Looking at the 2-hour chart of ETH/USD, the pair declined below a major bullish trendline at $107.50. It opened the doors for more losses, and the price tumbled below the $106.00 support. However, there was a strong buying interest near $105.00 and the price bounced back.

Ether is currently trading with a bullish angle above the $106.00 level. However, there are many hurdles on the upside, starting with $108.00 and the 50 percent Fibonacci retracement level of the recent decline from the $110.02 high to $104.08 low.

The most important resistance is near $110.00-111.00, above which buyers are likely to gain bullish momentum. The 30-minute chart of ETH/USD suggests that the pair surpassed a connecting bearish trendline at $105.80 plus the $106.00 resistance (the previous support).

Should there be a downside correction, the price could find support near the $106.00 level. Having said that, if Ether sellers remain in action, there could be a break below $105.00 and the $104.08 low.

The current technical structure is positive on the 30-minute chart as long as Ether stays above the $105.00 support. To the topside, a convincing break above $108.00 and $110.00 is required for a decent rebound in the coming sessions.

Aayush Jindal

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether’s price managed to stay above the $105.00 support and recovered against the US dollar.

Technically, the 2-hour chart indicators are slowly recovering higher in bearish territory. […]

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