Technically, the 6-hour chart indicators moved down into bearish territory.
Ether Price Analysis
There were further losses noted in ETH/USD below the $230.00 level. The pair even broke the key $225.00 support and traded as low as $223.51 before recovering a few points.
ETH/BTC did not move much, but there are a few negative signs emerging below 0.0348BTC and 0.0350BTC. If sellers push the pair below 0.0340BTC, there could be a fresh downside correction.
Let’s start with the 6-hour chart of ETH/USD to understand the importance of the $223.00-225.00 support area. The recent decline stopped just around a crucial bullish trendline above $223.00. Ether’s price seems to be struggling to hold the trendline and it remains at a risk of a bearish break below $223.51 and $223.00.
To the topside, the $230.00 resistance and a bearish trendline on the same chart are likely to play key roles in the coming days. The price may soon make a decisive move either above $230.00 or toward $200.00.
Moving down to the 30-minute chart of ETH/USD, the pair started an upside correction after forming a low at $223.51. It traded above the $225.00 level, but the $226.00 level acted as a resistance.
Additionally, there is a major bearish trendline in place along with horizontal resistance at $226.50. A successful break above the trendline is likely to open the doors for a decent recovery toward the $228.00 and $230.00 levels.
Overall, the recent slide in Ether could discourage buyers, and a downside break below the $223.00 support might put sellers back in control.