The pair of ETH / USD traded below support levels of $ 108 and $ 106, settling below the 100-hour simple sliding average. The support level of $ 105 was tested. There came buyers to protect them from further losses.
Later there was a correction upwards above the levels of $ 106 and $ 107. The price even broke the 50% FiB retracement rate to the recent drop from $ 110 to $ 105. However, upward movement was limited by the $ 108 resistance area. Moreover, the price was dropped close to the 61.8% return on fiber at the recent decline from $ 110 to $ 105.
There is also a new downward trending line formed with a near $ 107 counterpart on the ETH / USD hourly chart. The pair is currently trading below the $ 108 resistance and the 100-hr simple sliding average.
For larger profits, a successful breakthrough over the trendline, the 100-hr SMA and the $ 108 resistance are needed. The next big resistance is close to the level of $ 110 above which the price could go up to $ 115.
The ETH price is obviously traded below the resistance levels of $ 108 and $ 110. On the downside, initial support is $ 105, below which the price can test the support level of $ 103.