Technically, the 2-hour chart indicators moved higher sharply toward midlines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed the possibility of more declines if ETH/USD breaks the $111.00-112.00 support zone. The pair did trade below $111.00 and declined toward below $110.00 and $108.00 levels.
ETH/BTC also failed to stay above the 0.0280BTC support and declined sharply. The pair tested the 0.0278BTC support and it is currently consolidating losses.
Starting with the 2-hour chart of ETH/USD, the pair declined heavily below $112.00 and traded towards the $105.00-106.00 support zone. It traded as low as $105.73 and later started forming a support base for a short term rebound.
There were two attempts to break the $106.00 support, but Ether sellers failed to gain traction. Finally, there was a solid upward move and the price broke the $108.00 and $110.00 levels. The price traded above the $111.00 level and the 23.6 percent Fibonacci retracement level of the recent decline from the $126.78 high to $105.73 low.
However, the pair is still trading below two important bearish trendlines, with current resistance near $115.00 and 50 percent Fibonacci retracement level of the recent decline.
Dropping down to the 30-minute chart of ETH/USD, the pair is currently struggling to break the $112.50 and $113.00 resistance levels. Therefore, the pair could decline a few points in the short term toward $110.00 or $108.00 before a fresh upward move towards $115.00.
Overall, short-term oscillators on 2-hour chart of ETH/USD have started gaining positive momentum and thus, support prospects for a recovery toward $113.00 and $115.00 in Ether’s price.