Technically, the 2-hour chart indicators are moving higher toward midlines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed the importance of the $215.00 support for ETH/USD. The pair found a strong buying interest above $215.00 and later started a fresh recovery above the $220.00 level.
ETH/BTC also found support below the 0.0340BTC level. Later, the pair started consolidating in a range, and it is currently trading nicely above the 0.0340BTC support.
Looking at the 2-hour chart of ETH/USD, the pair found support near the key $215.00 level. A base was formed and Ether traded above the $220.00 resistance. More importantly, there was a break above a major bearish trendline at $222.00.
The price also surpassed the 23.6 percent Fibonacci retracement level of the recent decline from the $238.59 high to $215.99 low. It opened the doors for more recoveries, but Ether buyers are facing a lot of hurdles on the upside near the $230.00 and $235.00 resistances.
The 30-minute chart of ETH/USD suggests that the recent recovery faced resistance near the 50 percent Fibonacci retracement level of the recent decline at $237.00.
To the downside, there are many supports, starting with $222.00 and followed by the $220.00 pivot level. The most significant support awaits near $215.00, below which the price could dive further into the bearish zone.
On the flip side, Ether’s price must gain strength above the $227.00 and $230.00 resistance levels to extend the current recovery. Having said that, the $235.00 price zone is a major, medium-term, static resistance. A break above it could trigger stops and fuel upsides toward the $250.00 and $260.00 levels.