Categories: Ethereum

Ethereum Price Forecast: Ether Sellers Waiting On Sidelines

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Key Highlights

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 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 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.

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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