Ethereum Price Analysis: ETH Bullish In Short Term Above $106 (newsbtc.com)
Ethereum price analysis from newbtc.com:
ETH price recovered recently and broke the $105, $106 and $109 resistance levels against the US Dollar.
Yesterday’s highlighted important bearish trend line was breached with resistance near $106 on the hourly chart of ETH/USD. The pair is now placed nicely above the $106 level and it could recover towards the $113 or $114 level.
Ethereum price started a short term correction against the US Dollar and bitcoin.
Buyers pushed the price above the 50% Fib retracement level of the last drop from the $115 swing high to $101 swing.
The price traded above the $106 level and the 100 hourly simple moving average.
The 50% Fib retracement level of the recent wave from the $103 low to $111 high is also near $107. Looking at the chart, ETH price may dip a few points in the short term, but it remains supported near $107 and $106. It seems like the price could recover towards the $113 and $114 resistances, where sellers are likely to emerge.
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Related story: Bitcoin Approaches $3,500 As Top Cryptos See Growth (cointelegraph)
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