Key Highlights
Ether found support after a sharp decline towards the $200.00 handle against the US Dollar.
There is a reversal pattern forming on the 6-hour chart of ETH/USD, but needs a close above $272.00 for confirmation.
Gains in ETH/BTC were limited since bitcoin price trimmed most of its losses, keeping ETH/BTC below 0.070BTC.

Technically, the 2-hour chart indicators are back in the bullish territory.

Ether Price Formed Bottom or Correcting Higher?

There were a lot of swing moves in ETH/USD during the past few sessions. The pair was down roughly 30 percent before finding strong buying interest near $200.00.

Ether Price Analysis Chart

Ether buyers succeeded in defending the $200.00 handle and prevented a complete test of the 76.4 percent Fibonacci retracement level of the last wave from the $133.79 low to $395.41 high at $194.00.

The 2-hour chart of ETH/USD is pointing to a few important bullish signs. First, a reversal candle was formed at $200.91. Second, the pair moved above the 23.6 percent Fibonacci retracement level of the recent decline from the $316.17 high to $200.91 low.

Third, there was a break above a bearish trendline at $245.00. Finally, there were three back-to-back bullish candles, suggesting an increase in buying sentiment. At the outset, Ether’s price is currently trading a few points above the 50 percent Fibonacci retracement level of the last decline from the $316.17 high to $200.91 low.

An immediate resistance rests near $265.00-270.00 (a previous support), followed by the 61.8 percent Fibonacci retracement level of the last drop from the $316.17 high to $200.91 low at $272.00.

Ethereum ETH/USD Forecast

Above $272.00, the price could test the $290.00 resistance as well as the bearish trendline at $298.00 on the 6-hour chart of ETH/USD. The last two candles on the same chart suggest an overlapping bullish reversal pattern. However, a proper close above $270.00-272.00 is required for confirmation.

On the downside, an initial support is around $240.00, followed by $220.00. To sum up, the recent bounce is encouraging, but it’s too early to call it a reversal and need to wait for a few more bullish signs.

Important Resistance Levels

$272.00 and $298.00

Important Support Levels

$240.00 and $220.00

2-hour RSI

The RSI is now above the 50 level and heading north.

2-hour MACD

The MACD is back in the bullish zone.
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Ether Technical Analysis

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