Technically, the hourly chart indicators are moving higher in bullish territory.
Ethereum Price Analysis
Yesterday, we discussed the chances of a short-term upward move in ETH/USD above $108.00. The pair did climb higher and broke the $107.50 resistance, but is struggled to stay above the $108.00 resistance.
ETH/BTC also started an upside correction and traded above the 0.0308BTC and 0.0310BTC resistance levels. The pair is currently moving higher, and it seems like it could test the 0.0312BTC or 0.0315BTC resistance.
Starting with the hourly chart of ETH/USD, the pair recovered steadily after trading as low as $104.08. Ether broke the $106.00 resistance and the 38.2 percent Fibonacci retracement level of the drop from the $111.20 high to $104.08 low.
More importantly, there was an hourly close above $106.00, but the price struggled to gain momentum above the $108.00 resistance plus the 61.8 percent Fibonacci retracement level of the drop from the $111.20 high to $104.08 low.
The current price action is positive and ETH/USD seems to be following a key ascending channel, with support at $106.00. Should sellers push the price below $106.00, there could be a fresh drop to $104.00 or $102.00.
Moving up to the 6-hour chart of ETH/USD, the pair is currently attempting to surpass a crucial bearish trendline near $108.00. A successful close above the trendline could push the price toward the $110.00-111.00 resistance zone.
Finally, a convincing close above $111.00 will most likely set the pace for more upsides toward $120.00 in the near term. If not, Ether’s price could resume its decline below $106.00 and $104.00.