Technically, the 2-hour chart indicators are sliding again in the bearish territory.
Ether Price Analysis
During the past three sessions, there was a minor correction in ETH/USD above the $200.00 level. However, the pair failed to break the $208.00-210.00 resistance zone and declined below $200.00.
ETH/BTC is holding the 0.0300BTC support level and trading in a tight range. On the upside, the pair is facing hurdles near the 0.0315BTC and 0.0320BTC levels.
Starting with the 30-minute chart of ETH/USD, the pair climbed higher from the $185.11 low and moved above the $190.00 and $200.00 resistance levels. However, Ether buyers failed to push the price above $210.00, and the price formed the intraday high at $208.37.
Later, there was a fresh downward move and the price broke the $200.00 support area and the 50 percent Fibonacci retracement level of the last recovery from the $185.11 low to $208.37 high. More importantly, there was a break below a short-term bullish trendline with support at $196.00.
On the downside, the next major support is near $190.00, below which the price could retest the last swing low at $185.11. To recover, Ether has to break a bearish trendline on the same chart, with current resistance at $197.00.
However, the most important hurdle for buyers is near a major bearish trendline, with resistance at $200.00 on the 2-hour chart of ETH/USD. A successful daily close above the trend line could increase chances of further recoveries toward $215.00 and $240.00.
Conversely, a downside break below $190.00 will most likely clear the path for a new yearly low below $185.11 in the near term.