Ethereum Price Forecast: Ether Could Retest Highs Before Correcting Lower

Ether’s price failed to accelerate gains and corrected lower against the US dollar and bitcoin. ETH/USD is likely to find support around $105.00-106.00 in the short term.

Key Highlights

Ether’s price failed to hold gains above the $110.00 level and traded lower against the US dollar.

ETH/USD could find support near $106.00 and a bullish trendline on the 2-hour chart.

ETH/BTC trimmed gains and traded below the 0.0312BTC and 0.0310BTC support levels.

Technically, the 6-hour chart indicators are moving lower in bearish territory.

Ether Price Analysis (ETH/USD)

After trading above the $108.00 resistance, ETH/USD extended gains toward the $112.00 resistance. However, the pair failed near $111.20, trimmed gains, and declined below the $110.00 and $108.00 levels.

Similarly, ETH/USD did not succeed in surpassing the 0.0315BTC resistance. The pair started a fresh decline and traded below the 0.0312BTC and 0.0310BTC support levels. The next key supports are 0.0308BTC and 0.0305BTC.

Ethereum Price Analysis ETH

Starting with the 6-hour chart of ETH/USD, the pair started a short-term correction after trading to a new yearly low at $101.05. Ether corrected above the $105.00 and $108.00 resistance levels. Additionally, there was a break above the 23.6 percent Fibonacci retracement level of the drop from the $132.61 swing high to $101.05 low.

However, the recent rebound failed below a few important resistances, $112.00 and $115.00. There are also two key bearish trendlines in place, with resistance at $111.50 and $115.50 on the same chart.

Therefore, Ether buyers are likely to face a strong selling interest between $112.00-115.00 and it won’t be easy for them to gain strength. To the downside, there is a bullish trendline formed, with support at $106.00.

Ether Price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, the pair seems to be approaching a crucial support near $106.00 and a bullish trendline. More importantly, the previous resistance near $105.50 may now act as a solid support.

The medium-term picture for ETH/USD is bearish, as the intraday upward move was quickly reversed on an approach to the $112.00-115.00 resistance zone. However, there could be another positive move toward $110.00 or $112.00 as long as Ether’s price is above $106.00. 

Important Resistance Levels

$110.00 and $112.00

Important Support Levels

$106.00 and $105.00

6-hour RSI

The RSI is still well below the 50 level.

6-hour MACD

The MACD is signaling bearish continuation below $106.00 in ETH/USD.

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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