Technically, the 2-hour chart indicators are flat, suggesting a substantial consolidation.
Ether Price Upside Remains Capped
The ETH/USD pair recovery could not gain extra traction during the past three sessions and it mostly traded within a tiny range of $20.00.
Looking at the 2-hour chart, there is a clear range pattern forming with supports at $220.00 and $212.00. On the upside, the range resistance is near $235.00-236.00. It protected upside breaks on many occasions recently as buyers fought hard to take the price towards $250.00.
Only a convincing 2-hour close above $235.00 could lead to gains towards $250.00 and $260.00. Furthermore, a break and close above the 61.8 percent Fibonacci retracement level of the last decline from the $256.08 high to $187.40 low is needed to lift the market sentiment.
Dropping down to the 30-min chart of ETH/USD, there is a bearish trendline forming with resistance at $230.00. To the downside, there is a connecting support trendline positioned near $222.00.
It seems like the price is currently declining within range and leaning towards $220.00. The pair still lies in a bullish momentum. Hourly support is given at $222.00. Stronger support is located at $220.00.
To the upside, the 50 percent Fibonacci retracement level of the last decline from the $235.29 high to $219.72 at $228.00 is a short-term resistance. Above $228.00 and trendline resistance, the all-important $235.00 barrier might come into play.
In the short term, ETH/USD could continue to range trade before grabbing enough bids for a strong rise towards $250.00.