Technically, the 2-hour chart indicators are slowly moving lower in the bearish territory.
Ether Price Analysis
During the past few hours, ETH/USD traded with a few bearish moves. The pair struggled to break the $235.00 resistance area and traded lower within a tight range.
ETH/BTC tested the 0.0340BTC support and recovered later. The pair could break the 00.0350BTC resistance and trade higher if ETH/USD gains bullish momentum in the coming sessions.
Looking at the 30-minute chart of ETH/USD, there was a downside reaction recently toward the $225.00 level. The pair traded as low as $224.79 and later bounced back above $230.00. However, Ether buyers failed to hold gains above the $230.00 level, and the price is currently following a declining channel with resistance near $230.00.
To recover, the price must break the $230.00 resistance, above which Ether will most likely retest the all-important $235.00 hurdle. Conversely, if the price continues to move down, it could test the $225.00 support.
Moving up to the 2-hour chart of ETH/USD, the pair clearly faced a strong resistance near the $235.00-236.00 zone. It is currently declining toward a crucial bullish trendline, with support at $221.00.
The technical structure suggests that Ether’s price is likely forming an ascending triangle, with the breakout resistance at $238.00. A successful close above the stated triangle resistance could open the doors for the next major upward move toward $250.00 and $275.00.
On the flip side, a bearish break below the trendline and the $220.00 support may clear the path for Ether sellers to take control for a test of the $200.00 pivot level.