Technically, the 2-hour chart indicators are back below midlines in bearish territory.
Ether Price Analysis
Recently, ETH/USD buyers made another attempt to surpass the $108.00 and $110.00 resistance levels. However, they failed to gain momentum, resulting in a fresh bearish wave.
ETH/BTC remained above the 0.0310BTC support and is currently climbing higher. An immediate resistance is at 0.0314BTC, followed by 0.0315BTC and 0.0318BTC. If there is a downside correction, the 0.0308BTC support could prevent losses.
Starting with the 2-hour chart of ETH/USD, the pair started a major downward move after it failed near the $111.00 resistance level. A high was formed at $111.47, and the price declined below the $108.00 support.
Ether even traded below the 50 percent Fibonacci retracement level of the upward move from the $104.07 low to $111.47 high. However, the $105.00 level and a major bullish trendline with current support at $105.50 prevented further losses.
The price recovered above $107.00, but it failed to gain momentum above the $108.00 resistance. The most important resistance is near $111.00 and $111.50, above which buyers are likely to gain strength in the near term.
On the flip side, a downside break below the trendline support and $105.00 could trigger a nasty drop toward the $101.05 low or $100.00. Moving down to the 30-minute chart of ETH/USD, there is a strong resistance formed near the $108.20 level and a bearish trendline.
In the short term, a convincing break above $108.00 and follow-through above $108.20 might open the doors for a test of the $111.50 resistance. Conversely, a clear break below $106.00 and $105.00 could spark bearish moves in the coming sessions.