Technically, the 6-hour chart indicators are moving lower in the bearish territory.
Ether Price Analysis
Yesterday, we discussed how ETH/USD buyers need to gain momentum above the $215.00 resistance to push the price higher. However, the pair failed to break the resistance and started a downside correction.
Similarly, ETH/BTC was not able to clear the 0.0340BTC and 0.0350BTC resistances and declined. The pair is currently trading below 0.0330BTC and could correct further toward the 0.0320BTC support.
Looking at the 2-hour chart of ETH/USD, the pair formed a high at $215.17 and started a fresh bearish wave. It broke the $210.00 support area and the 23.6 Fibonacci retracement level of the recent upward move from the $192.51 low to $215.17 high.
The price even cleared the $205.00 support level, but the 50 Fibonacci retracement level of the recent upward move acted as a support near $203.00. To the downside, the previous resistance near $200.00 is most likely to hold the current decline.
At present, Ether’s price is following a declining channel with resistance at $212.00 on the same chart. Should buyers succeed in pushing the price above the channel resistance, there could be an upward move toward the $220.00 and $225.00 resistance levels.
Moving up to the 6-hour chart of ETH/USD, there is a significant breakout pattern forming with resistance at $212.00. The pair may soon make the next move either above $212.00 or below $200.00 in the near term.
To the topside, the price could accelerate toward $225.00 if there is a close above $212.00. Conversely, a break below $200.00 possibly will spark more downsides toward the $192.00 support.