Technically, the 2-hour chart indicators are currently near midlines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD may test the $270.00 support where buyers are likely to take a stand. The pair did move down toward the support, traded as low as $272.45, and later recovered sharply.
On the other hand, ETH/BTC is struggling to hold the key 0.0400BTC support. Should sellers take control, the pair could decline toward the 0.0380BTC level.
Looking at the 30-minute chart of ETH/USD, the pair declined toward the $270.00 support and found a strong buying interest. There was a sharp bullish reaction from the $272.45 low and the price broke a contracting triangle with resistance at $276.00.
Ether climbed above the $280.00 resistance and tested the $285.00 resistance (the previous support). Buyers failed to surpass the $285.00 hurdle, resulting in a fresh bearish wave. The price declined below $280.00 and the 50 percent Fibonacci retracement level of the recent wave from $272.45 to $285.26.
The $275.00 level is the immediate support with a break below it opening doors for a test of the all-important $270.00 support. Intermediate supports are $272.45 and the 61.8 percent Fibonacci retracement level of the recent wave.
Moving up to the 2-hour chart of ETH/USD, the $285.00 zone seems to be a significant resistance, above which the price is likely to gain bullish momentum toward $290.00 and $298.00.
Overall, Ether responded nicely to the key $270.00 support region, but buyers need to overcome barriers near $285.00 to gain control in the near term. If not, there is a risk of a bearish break below $270.00.