Technically, the 2-hour chart indicators are correcting lower in the bullish territory.
Ether Price Analysis
During the past few sessions, there was a sharp upward move in ETH/USD from the $167.73 low. The pair traded above the $190.00, $200.00, and $215.00 resistance levels and posted the $223.96 high.
ETH/BTC also rallied above important resistances such as 0.0300BTC and 0.0315BTC. The pair traded close to 0.0340BTC and later corrected back toward the 0.0315BTC support (the previous resistance).
Looking at the 2-hour chart of ETH/USD, the pair gained bullish momentum after it broke the $185.00, $188.00, and $200.00 resistances. Ether also breached the $215.00 resistance and the 38.2 Fibonacci retracement level of the decline from $302.26 to $167.73.
The price traded as high as $223.96 and later started a downside correction. It declined below the $210.00 level and the 23.6 Fibonacci retracement level of the recent wave from $167.73 to $223.96. However, a short-term, connecting, bullish trendline with current support at $204.00 held losses.
Dropping down to the 30-minute chart of ETH/USD, it seems like there is a strong support formed above $200.00. Therefore, if Ether continues to correct lower, the previous resistances like $200.00 and $190.00 are likely to act as supports.
To the topside, there is a bearish trendline in place with resistance at $212.00. A successful hourly close above the trendline resistance could lead the price toward the $220.00 resistance. A follow-through upward move is likely to get extended toward the $230.00 resistance before the price eventually tests the 50 Fibonacci retracement level of the decline from $302.26 to $167.73 around $135.00.
Conversely, the $200.00 support area might continue to protect losses and is followed by supports at $191.00, $190.00, and $188.00.