Ethereum price started correcting higher after testing the support around $100. The strong resistance around $105 and $106 will probably push the price back downwards.
Yesterday. Ethereum price fell beneath the $105 support. ETH declined quickly underneath the $105 support level towards the $100 support level. Ethereum settled underneath the $105 level and the 100 hourly SMA. Subsequent to testing the $100 support, Ethereum price began a correcting upwards. The price confronted the new major resistance around $105 and the 100 hourly SMA.
There is a bearish pattern line formed with resistance around $105 on the hourly chart of ETH/USD. The pair is as of now solidifying underneath the pattern line, $105 and the 100 hourly SMA. For a good recovery, the price must break the resistance around $105 and the 100 hourly SMA. Even after the $105 resistance, there is strong resistance at $106 as well as $017. If Ethereum is unable to move above these resistance levels, it could continue its decrease below $100.
Taking a look at the chart, ETH price is facing a lot of resistance between $105 and $107 due to which there is a possibility of a sudden drop towards the $100 support level.