Ethereum Price Forecast: Ether’s Rebound Could Fail Near $115

Ether’s price climbed higher and recovered a few points against the US dollar and bitcoin. However, there are many hurdles for ETH/USD buyers near $115.00.

Key Highlights

Ether’s price started a short-term rebound and moved above $105.00 against the US dollar.

ETH/USD broke an important triangle with resistance near $106.00 on the 2-hour chart.

ETH/BTC also recovered and traded toward the 0.0315BTC resistance level.

Technically, the 2-hour chart indicators have reached midlines in the bearish territory.

Ether Price Analysis

Yesterday, we discussed possibilities of a short-term rebound in ETH/USD above the $105.00 and $106.00 resistance levels. The pair did move higher, breaking the $108.00 resistance, and spiked above the $110.00 hurdle.

ETH/USD also started a decent rebound and moved above the 0.0310BTC and 0.0312BTC resistance levels (as pointed out yesterday). The pair is currently trading near the 0.0315BTC resistance level, with a few positive signs.

Ethereum Price Analysis ETH Forecast

Let’s look at the 2-hour chart of ETH/USD to understand the recent rebound from the $101.05 swing low. The pair started consolidating losses after trading to a new yearly low and settled above the $102.00 level. Later, buyers gained traction, resulting in an upside break above an important triangle, with resistance near $106.00.

The pair also broke the 38.2 percent Fibonacci retracement level of the decline from the $120.58 high to $101.05 low. It opened the doors for more gains and the price spiked above the $110.00 resistance level, with a solid green candle.

However, buyers failed to surpass the 50 percent Fibonacci retracement level of the decline from the $120.58 high to $101.05 low. An intraday high was formed at $110.29 and the price started consolidating gains.

Ether Price Analysis Chart

Should Ether continue to move higher, it could trade toward the $112.00 resistance. The main hurdle for buyers is near the $115.00 level (the previous support).

Overall, there are a few bullish signs on both the 2-hour and 30-minute chart, but Ether must accelerate above $112.00 and $115.00 to start a fresh upward move. On the downside, the previous resistances at $108.00 and $106.00 could provide support.

Important Resistance Levels

$110.00 and $115.00

Important Support Levels

$108.00 and $106.00

2-hour RSI

The RSI is currently just near the 50 level.

2-hour MACD

The MACD is slowly gaining pace in the bullish zone.

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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