Technically, the 2-hour chart indicators have reached midlines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed possibilities of a short-term rebound in ETH/USD above the $105.00 and $106.00 resistance levels. The pair did move higher, breaking the $108.00 resistance, and spiked above the $110.00 hurdle.
ETH/USD also started a decent rebound and moved above the 0.0310BTC and 0.0312BTC resistance levels (as pointed out yesterday). The pair is currently trading near the 0.0315BTC resistance level, with a few positive signs.
Let’s look at the 2-hour chart of ETH/USD to understand the recent rebound from the $101.05 swing low. The pair started consolidating losses after trading to a new yearly low and settled above the $102.00 level. Later, buyers gained traction, resulting in an upside break above an important triangle, with resistance near $106.00.
The pair also broke the 38.2 percent Fibonacci retracement level of the decline from the $120.58 high to $101.05 low. It opened the doors for more gains and the price spiked above the $110.00 resistance level, with a solid green candle.
However, buyers failed to surpass the 50 percent Fibonacci retracement level of the decline from the $120.58 high to $101.05 low. An intraday high was formed at $110.29 and the price started consolidating gains.
Should Ether continue to move higher, it could trade toward the $112.00 resistance. The main hurdle for buyers is near the $115.00 level (the previous support).
Overall, there are a few bullish signs on both the 2-hour and 30-minute chart, but Ether must accelerate above $112.00 and $115.00 to start a fresh upward move. On the downside, the previous resistances at $108.00 and $106.00 could provide support.