Technically, the 2-hour chart indicators are moving higher toward midlines in the bearish territory.
Ether Price Analysis
There was a sharp bearish reaction from the $220.00 swing high in ETH/USD. The pair tumbled and broke the $200.00 support area before buyers emerged near the $190.00-192.00 support zone.
ETH/BTC mostly traded in a range above the 0.0315BTC support. It seems like the pair may rise in the short term toward the 0.0340BTC and 0.0350BTC resistances.
Starting with the 30-minute chart of ETH/USD, the pair formed a solid support base above the $190.00 level and recovered higher. It broke the $200.00 resistance zone and a key bearish trendline with resistance at $195.00.
Additionally, there was a break above the 50 Fibonacci retracement level of the last drop from the $227.15 high to $192.51 low. It cleared the path for more upsides above the $210.00 resistance. However, Ether sellers appeared near the $215.00 level (the previous support) and the 61.8 Fibonacci retracement level of the last drop.
Moving up to the 2-hour chart of ETH/USD, the pair is clearly showing positive signs above the $190.00 support. Should Ether succeed in clearing the $213.00-215.00 resistance, there could be a push toward the $220.00 level.
On the other hand, a fresh correction wave may find support near the $202.00 and $200.00 levels. Below these, the next crucial support is around $190.00.
Overall, the current price action is bullish above the $200.00 level. However, ETH/USD buyers need to gain traction above the $215.00 level to retain momentum. If not, there is a risk of a downside correction back to $200.00.