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The price of Ether rebounded well over $ 110.00 compared to the US dollar while it decreased compared to bitcoin. ETH / USD is now facing greater resistance near $ 113.00 and $ 115.00.
Key points
The price of Ether found support near $ 106.0 and rebounded against the US dollar.
ETH / USD is facing a crucial resistance close to $ 115.00 and two downtrend lines in the 2-hour chart.
ETH / BTC failed to break resistance 0.0284BTC and declined below 0.0280BTC.
Technically, the 2-hour chart indicators moved higher towards the midline in the bearish territory.
Price analysis of the ether
Yesterday we discussed the possibility of further drops if ETH / USD breaks the support zone for $ 111.00-112.00. The pair was traded below $ 111.00 and declined to levels below $ 110.00 and $ 108.00.
ETH / BTC also failed to stay above the 0.0280BTC support and fell sharply. The pair tested 0.0278BTC support and is currently consolidating losses.
Starting from the 2-hour chart of Eth / USD, the pair fell heavily below $ 112.00 and traded towards the support zone $ 105.00-106.00. It traded at $ 105.73 and subsequently started to form a support base for a short-term rebound.
There were two attempts to disrupt the $ 106.00 support, but the Ether vendors failed to get traction. Finally, there was a solid upward move and the price broke levels of $ 108.00 and $ 110.00. The price was trading above the $ 111.00 level and the Fibonacci retracement level of 23.6% from the recent decline from $ 126.78 up to $ 105.73 below.
However, the pair is still trading below two major bearish trends, with current resistance close to $ 115.00 and Fibonacci retracement level of 50% from the recent decline.
Coming down to the 30-minute chart of Eth / USD, the pair is currently struggling to break resistance levels of $ 112.50 and $ 113.00. Therefore, the pair may decline some short-term points towards $ 110.00 or $ 108.00 before a new rise towards $ 115.00.
Overall, the short-term oscillators on the 2-hour chart of the Ethics / USD have started to gain positive momentum and therefore support the recovery prospects towards $ 113.00 and $ 115.00 in Ether's price.
Important resistance levels
$ 113.00 and $ 115.00
Important support levels
$ 110.00 and $ 108.00
2 hours RSI
The RSI has moved higher towards level 45.
MACD at 2 hours
The MACD is about to return to the bullish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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