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Ethereum Price Analysis: ETH going through major correction.

Ethereum price began a quick recovery against the USD and BTC. ETH/USD is supported for a correction towards the key $115 res
Ethereum price began a quick recovery against the USD and BTC. ETH/USD is supported for a correction towards the key $115 resistance level in the close term

ETH Technical Markers

Significant Support Level – $107

Significant Resistance Level – $115

  • Ethereum price recovered after yesterday’s bearish momentum and broke the $106 and $109 resistance levels against the US Dollar.
  • Yesterday’s major bearish pattern line was broken with resistance close $106 on the hourly chart.
  • The pair is currently trading over the $106 level and it is probably going to move upwards towards the $113 to $115 level.

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.

Ethereum Price Analysis

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.

ETHUSD Price Chart
ETHUSD Price Chart

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.

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