Technically, the hourly chart indicators are placed nicely in the bullish territory.
Ether Price Analysis
ETH/USD remained well above the $200.00 support area and have mostly traded in a range during the past few hours. However, it seems like Ether buyers are really struggling to gain bullish momentum above the $220.00 level.
On the other hand, ETH/BTC climbed higher from the 0.0315BTC support and moved above the 0.0330BTC level. The pair could continue to move higher in the short term toward the 0.0340BTC and 0.0350BTC resistances.
The hourly chart of ETH/USD indicates that the pair is preparing for the next break either above $220.00 or below $200.00. There is a major contracting triangle forming, with current resistance at $220.00. Should Ether break the triangle resistance, it may climb toward the $230.00 resistance area.
Conversely, a close below the triangle support at $205.00 could put sellers back in control; they might attempt to break the $200.00 support area. The next significant support is near $190.00 and the 61.8 Fibonacci retracement level of the last upward move from $167.73 to $223.96.
Moving up to the 6-hour chart of ETH/USD, the pair is positioned nicely above the $200.00 support (the previous resistance). However, there are many hurdles near the $225.00 and $230.00 levels. Additionally, there is also a key bearish trendline in place, with current resistance at $250.00.
Therefore, gains above $220.00 in Ether’s price are likely to face a lot of obstacles. In the short term, there could be range moves above $200.00 before the price make an attempt to clear the $230.00 resistance.