Technically, the 2-hour chart indicators are slowly recovering from the oversold levels.
Ether Price Analysis
Yesterday, we discussed that ETH/USD might find a strong buying interest near the $100.00 level. The pair traded lower recently, almost testing the $100.00 level, and later started a short-term upside correction.
ETH/BTC also found a decent buying interest near the 0.0300BTC level. The pair is currently trading in a range and could correct higher toward the 0.0312BTC and 0.0315BTC resistance levels.
Starting with the 2-hour chart of ETH/USD, the pair traded close to the $100.00 level and formed a near yearly low at $101.05. Later, Ether started a short-term rebound and moved above the $105.00 resistance. The price tested the 23.6 percent Fibonacci retracement level of the drop from the $120.58 high to $101.05 low.
However, the upward move faced selling interest near the $106.00-106.50 zone. The chart suggests that there is a major triangle formed, with resistance near $106.00 and support at $104.50.
Therefore, the next move in Ether could be either above $106.00 or below $104.50. Should there be an upside break above $106.00, the price could recover toward the 107.50 and $108.00 levels. The next substantial resistance awaits near $110.00 and the 50 percent Fibonacci retracement level of the drop from the $120.58 high to $101.05 low.
On the other hand, if buyers struggle to gain momentum above $106.00 or $107.00, there could be a fresh bearish break below the $104.50 and $104.00 levels. The main support is near the $100.00 handle, below which Ether’s price is likely to extend its decline toward the $95.00 or $92.00 level.