Technically, the 6-hour chart indicators are currently recovering from the oversold region.
Ether Price Analysis
Yesterday, we saw a crucial bearish break below the $250.00 support in ETH/USD. Later, the price extended losses, broke the $220.00 support, and traded to a new multi-month low at $211.61.
ETH/BTC also declined further below the 0.0360BTC support. Later, the pair found support near the 0.0335BTC level and is currently correcting higher. Resistances on the upside are 0.0360BTC and 0.0380BTC.
Looking at the 6-hour chart of ETH/USD, the pair fell significantly after it broke the key range support at $270.00. Buyers even failed to defend the $250.00 and $220.00 support levels. A new multi-month low was formed at $211.61 and the price later recovered a few points.
The price corrected above the $220.00 and $225.00 levels, but the $232.00 level seems to be preventing further recoveries since it is close to the 23.6 percent Fibonacci retracement level of the recent decline from the $292.36 swing high to $211.61 low.
Should Ether buyers succeed in clearing the $232.00 resistance, the price could test the next resistance at $240.00. However, the most important resistance for the current correction is at $250.00 (the previous support) and the 50 percent Fibonacci retracement level of the recent decline.
Dropping down to the 2-hour chart of ETH/USD, the pair seems to be trading inside a short-term breakout pattern with resistance at $230.00 and support at $222.00.
Therefore, a 2-hour close below $222.00 may well open the door for more downsides below the recent low at $211.61. Finally, if the price fails to stay above $210.00, there is a risk of further losses below the $200.00 support in the coming sessions.