Technically, the 6-hour chart indicators are suggesting an increase in selling pressure on Ether.
Ether Price Analysis
During the past three sessions, there was hardly any recovery in ETH/USD. The pair declined slowly and steadily toward the $215.00 level with bearish moves.
More importantly, ETH/BTC failed to correct above the 0.0345BTC level and declined back to 0.0330BTC. It seems like the price could continue to move down toward the next major support at 0.0320BTC.
Let’s start with the hourly chart of ETH/USD, which indicates a bearish structure below the $230.00 resistance zone. The pair recently failed to break the $232.00-235.00 resistance zone and started a fresh downward move.
Ether sellers remain in full control and may soon succeed in clearing the range support near $213.00 and the recent low of $211.61, which will most likely open the door for more losses below the $205.00 and $200.00 support levels.
To the upside, there is a connecting bearish trendline formed with resistance at $220.00. Should Ether’s price move above the trendline and $222.00, it could retest the $232.00 resistance. Any further gains are very unlikely considering the current price action and technical structure below $240.00.
Moving up to the 6-hour chart of ETH/USD, the pair is forming a bearish breakout pattern with support near $212.00. A successful downside break possibly will set the tone for the next slide below $200.00 in the coming sessions.
On the flip side, Ether must gain bullish momentum above the $232.00 and $240.00 resistance levels to avert a bearish break below the $200.00 support.