Technically, the 2-hour chart indicators are moving lower toward midlines in the bullish territory.
Ether Price Analysis
There was an upward move in ETH/USD above the $235.00 resistance. However, the pair failed to gain momentum, resulting in yet another rejection near the $235.00-236.00 area.
Similarly, ETH/BTC started a fresh downside correction and declined below 0.0350BTC. It may continue to move down toward the 0.0340BTC and 0.0335BTC support levels in the coming sessions.
Starting with the 2-hour chart of ETH/USD, the pair traded to a new weekly high at $238.59 and later started a downward move. Ether declined below the $230.00 level and breached the 23.6 percent Fibonacci retracement level of the recent wave from the $203.56 low to $238.59 high.
The current price action on the same chart indicates that the $235.00 resistance is a strong barrier for Ether buyers. An immediate support is at $225.00, below which the price could continue to move down toward the important support at $220.00.
There is also a bullish trendline in place with support near $219.00 and the 50 percent Fibonacci retracement level of the recent wave. Moving down to the 30-minute chart of ETH/USD, the pair is currently trading near the $225.00 support.
To the topside, there are two key bearish trendlines formed, with resistance around $230.00. Should Ether’s price break these trendlines, it could revisit the $235.00-236.00 resistance area.
Overall, the current technical bias is slightly bearish below $230.00. In the short term, the price may well decline toward the $220.00 support unless buyers take control and place Ether above the $238.59 high.