Technically, the 2-hour chart indicators are showing no signs of a recovery in the bearish territory.
Ether Price Analysis
Recently, ETH/USD declined close to the $185.00 support and traded as low as $186.92. Later, the pair recovered above $190.00, but recoveries were stopped near the $200.00 resistance.
Similarly, ETH/BTC failed to clear the 0.0315BTC resistance and declined back below 0.0310BTC. The pair is currently trading above the 0.0300BTC support and it could extend declines if Ether sellers gain momentum.
Looking at the 2-hour chart of ETH/USD, the pair formed a decent bullish candle from the $186.92 low and traded higher. More importantly, there was a break above a crucial bearish trendline with resistance at $195.00.
However, Ether buyers failed to gain traction and the price trimmed most of its gains. At present, the price is retesting the broken trendline, which is acting as a support near the $188.00 level. Additionally, there is a connecting bullish trendline in place with support at $189.00.
Therefore, the price must hold the $188.00-190.00 support zone to recover in the near term. Dropping down to the 30-minute chart of ETH/USD, the pair is currently trading inside a declining channel with resistance at $192.50.
Above the channel resistance, the next resistance is close to $200.00 and a short-term bearish trendline. To the downside, the channel support is near $188.00 along with a horizontal support.
The current price action and technical structure on the 2-hour chart indicates that Ether’s price is struggling to recover above $195.00 and $200.00. Therefore, a break below the $188.00 support zone could spark more declines toward $185.00 and $180.00.