Technically, the daily chart indicators are currently near midlines in the bearish territory.
Ether Price Analysis
This past week, there was a decent rise in ETH/USD above the $200.00 pivot level. The pair climbed above the $230.00 resistance and traded as high as $254.66 before starting a downside correction.
ETH/BTC also recovered nicely above the 0.0320BTC and 0.0340BTC resistances. The pair even broke the 0.0350BTC resistance and is currently trading in a tight range. The next major hurdle for buyers is at 0.0380BTC.
Let’s start with the daily chart of ETH/USD to understand the recent recovery from the $192.00 support. The pair traded higher with four back-to-back green candles above the $200.00 pivot level. Ether broke the $210.00 and $230.00 resistance levels and tested the next major barrier near $250.00-255.00.
The 23.6 Fibonacci retracement level of the major downward move from the $515.09 high to $167.73 low is also near $250.00. More importantly, there are two bearish trendlines in place around the $270.00 level.
Therefore, the $250.00-270.00 region could act as a strong hurdle for Ether buyers. Should they succeed in surpassing $270.00, the price will most likely accelerate gains toward the $300.00 and $350.00 levels.
Dropping down to the 2-hour chart of ETH/USD, there is a key support forming above the $230.00 level and a connecting bullish trendline. Below the trendline, the price could test the next support at $220.00.
To the topside, there is a bearish trendline formed with resistance at $242.00, above which the price may possibly retest the $250.00 level. The current price action indicates that Ether’s price is trading in a positive zone above $230.00.
In the medium term, a successful daily close above $270.00 could place Ether in a strong uptrend. If not, there is a risk of a pullback toward the $220.00 and $200.00 support levels.