Technically, the 12-hour chart indicators are currently flat above midlines in the bullish territory.
Ether Price Weekly Analysis
During the past few days, ETH/USD mostly traded in a broad range above the $200.00 pivot level. There were several lower highs and higher lows formed, indicating a breakout pattern.
ETH/BTC also moved higher and settled above the 0.0340BTC support. The pair could continue to move higher toward the 0.0350BTC resistance in the short term.
Let’s start with the 12-hour chart of ETH/USD to understand the current range pattern above the $220.00 support. The pair seems to be trading in a significant symmetric triangle, with resistance at $230.00. The price recently traded toward the $250.00 level, but it failed to gain momentum.
There was a failure noted near the 61.8 percent Fibonacci retracement level of the last decline from the $302.26 high to $167.73 low. Later, the price started trading in a contracting range, with current resistance at $230.00 and support near $220.00.
Should Ether break the triangle resistance and settle above $230.00, there could be more upsides toward the $250.00 swing high and the $275.00 resistance.
On the other hand, a bearish break below the $220.00 support may well clear the path for sellers to take control. The next key supports are positioned near $215.00 and $195.00.
Dropping down to the 2-hour chart of ETH/USD, the pair broke a bearish trendline at $225.00 and spiked above the $230.00 level. However, Ether’s price failed to stay above $230.00 and declined toward a bullish trendline with support at $223.00.
A successful break below the trendline support could increase bearish pressure on Ether below $220.00. On the flip side, Ether buyers need to take charge above the $230.00 and $235.00 resistances in the coming days.