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- ETH prices have recently recovered and exceeded resistance levels of $ 105, $ 106 and $ 109 versus the US dollar.
- The important downtrend line highlighted yesterday was broken with resistance close to USD 106 on the ETH / USD time chart (data feed via Kraken).
- The pair is now well above the $ 106 level and could rise to the $ 113 or $ 114 level.
The price of Ethereum began a short-term correction against the US dollar and Bitcoin. ETH / USD remains supported for recovery to the key level of resistance at $ 114 in the near term.
Ethereum Price Analysis
After trading at $ 101, the price of ETHs began to trade in a range of over US $ 103 against the US dollar. The ETH / USD pair formed two escape models with close resistance levels of $ 105 and $ 106. Finally, there was a bullish movement and the price broke the $ 106 resistance. Buyers pushed the price above the 50% Fib retracement level of the last drop, from $ 115 to $ 101. In addition, the price was trading above the $ 106 level and the 100-hour moving average.
In addition, the important downtrend line highlighted yesterday was broken with a resistance close to $ 106 on the ETH / USD time chart. The pair surpbaded the resistance levels of 109 and 110 dollars, then was corrected downward. It is currently testing the Fib retracement level of 23.6% from the recent wave, from the lowest at $ 103 up to $ 111. However, there are many downside supports near levels of $ 107 and $ 106. More importantly, the simple 100-hour moving average is close to the $ 107 level. The 50% Fib retracement level of the recent wave, from the lowest at $ 103 up to $ 111, is also close to $ 107.
Looking at the chart, ETH prices may dip a few short-term points, but it remains supported at around $ 107 and $ 106. It seems that the price could rise to the resistance of $ 113 and $ 114, where sellers are likely to emerge.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is about to return to the bearish zone.
RSI hourly – The RSI for ETH / USD is well above level 60, with positive signs.
Major support level – $ 107
Major resistance level – $ 114
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