Ether’s price bounced back sharply above significant resistances against the US dollar and bitcoin. The next key hurdle for ETH/USD buyers is near $111.00.
Ether’s price formed a strong support at $102.00 and bounced back against the US dollar.
ETH/USD broke a crucial resistance near $106.00 and a bearish trendline on the 6-hour chart.
ETH/BTC jumped above the 0.0310BTC and 0.0312BTC resistance levels.
Technically, the 6-hour chart indicators reached midlines in bearish territory.
Ether Price Analysis (ETH)
Yesterday, there was a short-term rebound above the $105.00 level in ETH/USD. The pair struggled to break the $106.00 resistance zone, but buyers later gained upward traction and pushed Ether above $106.00 and $108.00.
Similarly, there was a strong upward move in ETH/BTC above the 0.0310BTC and 0.0312BTC resistance levels. The pair even broke the 0.0315BTC resistance, opening the doors for a run toward the 0.0320BTC resistance.
Looking at the 6-hour chart of ETH/USD, it seems like there is a double-bottom pattern forming near the $101.00-102.00 support area. Ether bounced back nicely from the $101.40 low and broke the $105.00-106.00 resistance zone.
The price also surpassed a crucial bearish trendline, with resistance at $106.00. However, a daily close above $106.00 is a must to set the pace for more gains in the coming sessions. An immediate resistance is near $110.00-110.00, above which the price could accelerate toward the $120.00 resistance.
Moving down to the 2-hour chart of ETH/USD, there was a clear break above the $106.00 resistance and two bearish trendlines. The pair even broke the $108.00 resistance and the 61.8 percent Fibonacci retracement level of the drop from the $111.47 high to $101.40 low.
The current price action is bullish on the 2-hour chart, with support at $108.00 and $106.00. To the topside, a successful break above the $111.47 high will most likely boost market sentiment and could open the doors for further upsides toward $115.00 and $120.00. In case of a downside correction, buyers are likely to defend the $106.00 support (the previous resistance).
Important Resistance Levels
$110.00 and $111.50
Important Support Levels
$108.00 and $106.00
The RSI is currently just below the 50 level.
The MACD just moved into the bullish zone.
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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