Technically, the 2-hour chart indicators climbed sharply higher and moved into the bullish territory.
Ether Price Weekly Analysis
Recently, there was a fresh decline in ETH/USD below the last swing low at $82.37. The pair traded to a new multi-month low at $82.12. However, sellers failed to gain pace below $82.00, resulting in a short-term recovery above $85.00.
ETH/BTC stayed above the 0.0260BTC support, and there was no bearish break toward 0.0250BTC. The pair is currently correcting higher toward the 0.268BTC and 0.0270BTC resistances, above which the pair could rally toward 0.0280BTC.
Let’s start with the 6-hour chart of ETH/USD to understand the recent price action above the $82.00 support area. After forming a low at $82.37, the price recovered above $90.00 and $95.00. However, the price failed to clear the $98.00 and $100.00 barriers, resulting in a fresh decline.
Ether declined heavily and broke the $92.00 and $88.00 support levels. More importantly, there was a break below the $82.37 low and the price traded to a new multi-month low at $82.12. On the positive side, there was no major drop below $82.00; later the price recovered.
It seems like there is a double bottom forming above the $82.00 support. Buyers recently pushed the price above a major bearish trendline with resistance at $84.00 on the same chart. The 2-hour chart also suggests a few positive signs above the $85.00 level.
The price broke a declining channel at $84.00, a bearish trendline at $86.00, and the 23.6 Fibonacci retracement level of the last drop from $100.32 to $82.12. However, there are many hurdles for buyers near $88.00, $90.00, and the 50 Fibonacci retracement level of the last drop.
Overall, Ether’s price must surpass the $90.00 resistance, followed by clearing the key barriers at $98.00 and $100.00 to start a convincing recovery. The main supports on the downside are $85.00, $82.00, and $80.00.