Technically, the 2-hour chart indicators are currently near midlines in the bullish territory.
Ether Price Analysis
After trading as high as $302.26, ETH/USD started a downside correction. The pair declined below the $300.00 and $290.00 support levels before finding bids near the previous resistance (now support) at $285.00.
On the negative side, ETH/BTC traded below the key support at 0.0400BTC. However, losses were limited and it seems like the pair could find support near 0.0390BTC or 0.0385BTC and move back above 0.0400BTC.
Looking at the 2-hour chart of ETH/USD, the pair followed a declining pattern and broke the $294.00 and $290.00 support levels. Ether even surpassed the 38.2 percent Fibonacci retracement level of the last recovery from the $272.45 low to $302.26 high.
However, the previous resistance near $285.00 acted as a support along with a connecting bullish trendline on the same chart and the 50 percent Fibonacci retracement level of the last recovery.
Ether’s price is currently positioned nicely above the $285.00 support, but it has to surpass a bearish trendline with resistance at $292.00 to start a fresh upward move. Conversely, a 2-hour close below the support could trigger more weakness toward the $280.00 and $278.00 levels.
Moving down to the 30-minute chart of ETH/USD, the pair seems to be completing a correction pattern from the $302.26 swing high. There may be one final dip before Ether buyers appear for a push above the $292.00 and $295.00 resistance levels.
Overall, Ether must stay above the $285.00 support to bounce back. If not, there is a risk of an extended correction toward the $280.00 level.