Technically, the 2-hour chart indicators moved back into the bearish territory.
Ether Price Analysis
During the past three sessions, there were bearish moves in ETH/USD below the $250.00 level. The pair started a downside correction and declined below the $240.00 support.
On the other hand, ETH/BTC remained in a tight range and consolidated above the 0.0350BTC level. Should Ether slide below 0.0350BTC and 0.0340BTC, it could retest the 0.0320BTC support.
Looking at the 2-hour chart of ETH/USD, the pair formed a short-term top at $254.66 and moved below the $240.00 support. During the decline, the pair cleared two bullish trendlines with support near $240.00.
Moreover, the pair broke the 23.6 Fibonacci retracement level of the last upward move from the $192.51 low to $254.66 high. However, the decline found support near the previous resistance at $230.00. If Ether buyers struggle to keep the price above the $230.00 support, there could be an extended downside correction.
The next support is near $223.00 and the 50 Fibonacci retracement level of the last upward move. Any further losses may push the price toward the next significant support at $215.00 (the previous resistance).
Moving down to the 30-minute chart of ETH/USD, the pair is holding the $230.00 support. To the upside, the previous support at $240.00 might prevent gains in the short term.
The current price action indicates that Ether’s price is correcting the recent gains from the $192.51 low. The price could extend the current correction, but it won’t be easy for sellers to clear the $230.00 and $223.00 support levels. On the upside, the $240.00 and $250.00 levels are important hurdles for more gains.