Technically, the 2-hour chart indicators are currently near overbought levels in the bullish territory.
Ether Price Analysis
Yesterday, we discussed the chances of more gains above the $98.00, $100.00, and $105.00 resistances in ETH/USD. The pair did move higher, breaking the $105.00 resistance, and traded to a new weekly high at $109.26 before correcting lower.
ETH/BTC also gained strength and moved above the 0.0268BTC and 0.0270BTC resistance levels. The pair is now placed nicely above 0.0270BTC and could continue to move higher toward 0.0280BTC.
Looking at the 2-hour chart of ETH/USD, the pair is clearly following a solid uptrend from the $82.12 low. It broke the $88.00 and $90.00 resistance levels to start an upward move. During the recent rise, many bullish continuation patterns formed, paving the way for more gains above $100.00.
The price even surged above the $105.00 barrier and traded close to $110.00. A high was formed at $109.26, and the price is currently correcting lower. An initial support is near $105.00 and a short-term bullish trendline, with support near $105.00 on the 30-minute chart.
The $105.00 support holds a lot of importance for the current wave since it is near the 23.6 Fibonacci retracement level of the upward move from the $92.99 low to $109.26 high.
Should Ether decline below the $105.00 support, it could test the $100.00 and $98.00 supports (the previous resistance levels) plus the 50 Fibonacci retracement level of the upward move.
To the topside, there is a resistance trendline in place at $110.00, above which Ether is likely to climb toward the $115.00 and $118.00 resistance levels. Overall, ETH remains well-supported on dips as long as it is above $98.00.