Technically, the 2-hour chart indicators are slowly recovering higher in bearish territory.
Ether Price Analysis
Yesterday, there was a bearish reaction below the $108.00 support in ETH/USD. The pair even broke the $106.00 support, but it quickly bounced back above the $105.00 pivot level to start a short-term rebound.
ETH/BTC declined further and tested the 0.0305BTC support, where buyers emerged. The pair corrected higher and is currently consolidating below the 0.0310BTC and 0.0312BTC resistance levels.
Looking at the 2-hour chart of ETH/USD, the pair declined below a major bullish trendline at $107.50. It opened the doors for more losses, and the price tumbled below the $106.00 support. However, there was a strong buying interest near $105.00 and the price bounced back.
Ether is currently trading with a bullish angle above the $106.00 level. However, there are many hurdles on the upside, starting with $108.00 and the 50 percent Fibonacci retracement level of the recent decline from the $110.02 high to $104.08 low.
The most important resistance is near $110.00-111.00, above which buyers are likely to gain bullish momentum. The 30-minute chart of ETH/USD suggests that the pair surpassed a connecting bearish trendline at $105.80 plus the $106.00 resistance (the previous support).
Should there be a downside correction, the price could find support near the $106.00 level. Having said that, if Ether sellers remain in action, there could be a break below $105.00 and the $104.08 low.
The current technical structure is positive on the 30-minute chart as long as Ether stays above the $105.00 support. To the topside, a convincing break above $108.00 and $110.00 is required for a decent rebound in the coming sessions.