Ethereum price began a quick recovery against the US Dollar and bitcoin. ETH/USD is supported for a correction towards the key $115 resistance level in the close term.
After falling to around $101, Ethereum price began a recovery to move towards $103 against the US Dollar. Ethereum started an upside correction to break the $106 resistance. Buyers pushed the price after the last drop from the $115 high to $101 low. In addition, Ethereum price exchanged over the $106 level and the 100 hourly SMA.
Yesterday’s major bearish pattern line was broken with resistance close to $106 on the hourly chart. Buyers were quickly able to spike the price over the $109 and $110 resistance levels but Ethereum later revised lower. Ethereum price as of now testing the 23.6% Lie retracement level. There are numerous supports close to the $107 and $105 levels. The 100 hourly SMA is close to the $107 level.
Taking a look at the chart, ETH price may see a short term downward correction, however, it is well supported close to $106. It appears as though the price could move upwards towards the $113 and $114 resistances, where most sellers are currently placed.