Support Level – $103
Resistance Level – $108
- Ethereum price is currently underneath the resistance between $108 and $111.
- There is a bearish pattern formed with resistance around $108 on the hourly chart.
- Ethereum is well supported between $105 and $103 levels in short term.
Ethereum price is trading in a close range against the US Dollar and bitcoin. Ethereum would stay in a close range until the exchange volumes get higher and price activity is improved.
Ethereum Price Analysis
Ethereum price fell from over $110 high. The ETH/USD fell beneath the $108 and $106 support levels, in addition to settling underneath the 100 hourly SMA. The support level around $105 proved strong and was able to prevent further fall. Afterward, Ethereum price started an upward move over the $106 and $107 levels. The upward move was stopped by the strong resistance around $108.
There is another bearish pattern line formed with resistance close to $108 on the hourly chart. Ethereum is currently trading underneath the $108 resistance and the 100 hourly SMA. An effective break over the bearish pattern line, 100 hourly SMA, and the $108 resistance is important from Ethereum to move upwards. A very strong resistance lies close to the $110 level. If buyers are able to break this resistance level then the price could rally towards $115 and $118 in short term.
Taking a look at the chart, Ethereum price is currently trading in a close range under $108 and $110 resistance levels. Ethereum is currently supported by buyers around $105. If the price falls beneath this support then the next support lies at $103 support below which the price might fall below $100.