Technically, the 6-hour chart indicators are currently neutral above midlines in the bullish territory.
Ether Price Analysis
After trading as high as $231.95, ETH/USD started a downside correction. The pair declined below $230.00 and $228.00, but dips remain well-supported above the key $223.00 and $225.00 supports.
ETH/BTC is currently consolidating above the 0.0340BTC level. If Ether buyers continue to struggle to clear the 0.0350BTC resistance, there could be a bearish reaction toward 0.0320BTC in the near term.
Starting with the 6-hour chart of ETH/USD, the pair clearly gained traction this week and traded higher from the $220.00 support. During the rise, Ether broke a crucial bearish trendline, with resistance at $225.00.
However, the price struggled to stay above the $230.00 resistance and is currently correcting lower. On the downside, the same broken trendline is likely to act as a support near $225.00-226.00. More importantly, there is a significant bullish trendline in place, with support at $225.00 on the same chart.
Therefore, Ether’s price is likely to find a strong buying interest above the $225.00 level. The 2-hour chart also indicates the importance of the $225.00 support since it represents the 50 percent Fibonacci retracement level of the wave from the $215.99 low to $231.95 high.
To the topside, the $230.00-232.00 resistance area could continue to prevent gains. Once Ether buyers succeed in a gaining strength above $230.00, there could be solid upsides in ETH/USD.
The price is technically bullish, according to weekly technical readings, as the 6-hour chart shows that Ether settled above a key bearish trendline to regain ground and closed above its 20 SMA.