Technically, the 2-hour chart indicators are still well below midlines in bearish territory.
There were only ranging moves in ETH/USD in the past three sessions above the $106.00 support level. The pair made a couple of attempts to gain strength above the $108.00 resistance, but it failed and corrected lower.
ETH/BTC failed to test the 0.0315BTC resistance level and corrected lower. It tested the 0.0310BTC support, and it seems like there could be a downside extension toward the 0.0308BTC support level.
Looking at the 2-hour chart of ETH/USD, the pair seems to be following a significant bullish trendline, with current support near $106.50. Should Ether trade below the trendline and $105.00, the price could decline in the coming sessions.
The next key support is at $104.00, below which the price is likely to revisit the $101.05 low or the $100.00 support area. To the topside, there is a connecting bearish trendline in place, with resistance at $107.50.
Therefore, it seems like Ether’s price is forming a crucial breakout pattern, with support at $106.50 and resistance near $107.50. A successful break above $107.50 and follow-through above $108.20 will most likely trigger bullish moves in the near term.
Moving down, there are no major breakout signs visible on the 30-minute chart of ETH/USD. There is a short-term bearish trendline formed, with resistance at $107.80. On the downside, the main supports are at $106.50 and $105.00.
Overall, it seems like Ether sellers are waiting on the sidelines for a break below the $106.50 and $105.00 support levels to gain momentum. If there is no downside, the price might slowly move higher toward $108.00 and $110.00.
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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Technically, the 2-hour chart indicators are still well below midlines in bearish territory. Ether Price Analysis
There were only ranging moves in ETH/USD in the past three […]
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