Categories: Ethereum

Ethereum Price Forecast: Ether Rebound Reaches Crucial Juncture

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Key Highlights

A significant resistance is formed near $106.00 and two bearish trendlines on the 2-hour chart of ETH/USD.

Technically, the 2-hour chart indicators recovered higher and tested midlines.

Ether Price Analysis (ETH)

Yesterday, we saw a sharp drop in ETH/USD below the $107.00 and $106.00 support levels. The pair traded close to the $101.05 swing low and formed a new weekly low at $101.40 before starting an upside correction.

ETH/BTC tested the 0.0300BTC support and bounced back later. The pair traded above the 0.0305BTC resistance and tested the 0.0308BTC resistance. The next key resistances are at 0.0310BTC and 0.0312BTC.

Starting with the 2-hour chart of ETH/USD, the pair traded as low as $101.40 and later formed a support base for a short-term upward move. It traded above the $104.00 level and the 23.6 percent Fibonacci retracement level of the decline from the $111.47 high to $101.40 low.

The price even traded above the $105.00 level, but it ran into a significant resistance near $106.00 and two bearish trendlines. Besides, Ether failed near the 50 percent Fibonacci retracement level of the decline from the $111.47 high to $101.40 low.

The current technical structure suggests that the price is facing a crucial resistance near $106.00 and $106.50, above which the price is likely to rebound toward the $110.00 and $111.00 resistance levels.

Moving down to the 30-minute chart of ETH/USD, the pair recently traded below a bullish trendline, with support at $105.20. Therefore, there is a risk of a fresh drop toward the $103.50 or $102.00 support area.

Overall, Ether is clearly struggling near the previous support (now resistance) at $106.00 and $106.50. Should ETH/USD fail to climb higher, there could be a fresh decline toward $102.00 or $101.00 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.

A significant resistance is formed near $106.00 and two bearish trendlines on the 2-hour chart of ETH/USD.

Technically, the 2-hour chart indicators recovered higher and tested midlines. […]

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