Ethereum is recovering towards the $110.00 level in early Wednesday trade, after finding strong dip-buying demand below the psychological $100.00 level. The MACD and RSI indicators on the one-hour time frame are also signalling that short-term bullish momentum is building. A sustained move below the $106.00 level may prompt another technical test of the $97.60 support level.
The ETHUSD pair is only bullish while trading above the $113.00 level, key resistance is found at the $117.00 and $123.00 levels.
If the ETHUSD pair trades below the $106.00 level, sellers are likely to test towards the $100.00 and $97.60 support levels.