Technically, the 2-hour chart indicators are accelerating lower in the bearish territory.
Ether Price Analysis
There was a short-term correction initiated in ETH/USD from the $211.61 low. The pair traded above the $220.00 and $230.00 levels, but it failed to hold gains above the $232.00 resistance and declined.
Similarly, ETH/BTC corrected a few points, but buyers did not succeed in pushing the price above the 0.0350BTC and 0.0360BTC resistance levels. It could continue to trade in a range above 0.0330BTC and prepare for the next move in the coming sessions.
Starting with the 2-hour chart of ETH/USD, the pair corrected from the $211.61 low and traded above the $225.00 level. However, Ether faced strong resistance near the $232.00-235.00 zone and the 23.6 percent Fibonacci retracement level of the drop from the $302.26 high to $211.61 low.
There were two to three attempts by Ether’s price to surpass the $232.00-235.00 resistance, but it failed. An intraday high was formed at $234.14 and later the price started a downward move.
The price broke the $220.00 level and traded as low as $213.94. It is currently moving higher toward the $225.00 resistance and a bearish trendline on the 30-minute chart. Should ETH/USD break the trendline and $225.00, it could retest the $232.00-235.00 resistance zone.
On the other hand, if the price fails to climb above $232.00, it may extend losses below the recent low of $213.94. More importantly, there is a risk of an extended slide below this week’s low at $211.61. The next crucial support is at $200.00, below which buyers will most likely come under a lot of pressure.