Technically, the 6-hour chart indicators are accelerating lower in the bearish territory.
Ether Price Analysis
There was an increase in selling pressure on ETH/USD below the $230.00 level. The pair failed to hold the key support at $223.00 and declined toward the $200.00 handle.
Similarly, ETH/BTC also declined and moved below the 0.0350BTC support. The pair tested the next major support at 0.0320BTC, and it seems like it could decline further toward the 0.0300BTC level.
Looking at the 6-hour chart of ETH/USD, the pair fell sharply from the $235.00 high. The pair broke the $223.00 and $220.00 supports and also cleared the 50 Fibonacci retracement level of the last major wave from the $167.73 low to $254.66 high.
More importantly, there was a close below a major bullish trendline with support at $225.00 on the same chart. The next major support on the downside is at $200.00 and $192.00. An intermediate support is at $298.00 and the 61.8 Fibonacci retracement level of the last major wave.
The recent low was formed at $203.56, and the price is currently correcting higher. Ether’s price is testing a connecting bearish trendline with resistance at $210.00-212.00.
A successful close above $212.00 and $215.00 may push the price toward the $220.00 level (the previous support). Above the latter, the price is likely to face heavy selling interest around the $230.00 level.
On the downside, the recent low at $203.56 is a short-term support. Should Ether surpass the mentioned low, the price could continue to move down toward the $200.00 and $192.00 supports in the near term.